A trust deficit

The Indian real estate industry has historically suffered from a trust deficit. According to a 2016 real estate transparency index, Indian cities rank among 36-52 on the global scale—with Tier 3 Indian cities coming in lower than Botswana.

As markets worldwide open up to investors in a global economy that is becoming more and more connected and interdependent, India too is attracting its share of investors in the built environment sector. What poses a problem, however, is the lack of global standards in this sector in India.
The lack of trust also hits closer home, among buyers in India. A history of false and broken promises has resulted in a wary public.
A lack of sufficient regulation and standards is perhaps the primary reason for these troubles plaguing the Indian built environment sector. While recent government policy mandates governing the industry as a whole are a welcome step in the right direction, regulation at an organizational and individual level is equally crucial to restore confidence.

Ethical expertise

As most people working in organizations across sectors will attest, purely technical competence is not sufficient to gain trust. While technical expertise is mandatory (and expected) for any good professional, a core set of high ethical values is equally essential. Good business takes place when there is a measure of trust among all involved parties. Only individuals and (as an extension) organizations that operate to the highest technical and ethical standards will have an edge in the coming future.

One way in which professions across the world and across sectors ensure respect for standards is through chartered qualifications. Professional bodies self-regulate their professions through a set of frameworks that mandate a high level of competence, and individuals signal their competence by aligning themselves with such professional bodies. Professionals who choose this route (of getting a chartered qualification) are known as chartered professionals.
Getting a chartered qualification is often not a simple process—it can be rigorous and demanding. This adherence to high standards is why the industry uses chartered qualifications to separate the best from the rest.

Recognizing the best

This is especially pertinent to the Indian real estate industry. The lack of trust in the sector did not occur overnight; it is the result of decades of poor standards and implementation. Remedying this long-standing concern will take time as well: but, towards such an end, it is important to take steps in the right direction. Recognition of the value of chartered qualifications will help not just in regulating that standards at which individuals and organizations operate, it will also restore trust and confidence in the Indian built environment sector, and help India take its place among the global leaders in this industry. The size and potential of a bright future is for all to see—what is required now is the will to affect positive change.