EXPERTS URGED TO PROVIDE INPUTS ON NEW GLOBAL RESIDENTIAL STANDARDS

  

Global property standards setting body, International Property Measurement Standards Coalition (IPMSC), which includes the Royal Institute of Chartered Surveryors (RICS) has launched a consultation paper for adoption of new global residential standard to address the problem of inconsistent methodology adopted across the world for measurement of real estate. The Coalition, comprising (at the date of publication) the 65 organisations, aim to bring about the harmonisation of natural property measurement standards through the creation and adoption of agreed international standards for the measurement of Building. “Adoption of such standards would curb disputes related to super built-up area, carpet area and built-up area, which have confused hombuyers for long,” a statement said. The IPMS Residential Building is the second in a series of global aimed at creating a uniform approach to how property is measured. It follows another step in advancing transparency and consistency across global property markets.