RICS Sri Lanka: Elevating country’s real estate development and construction on par with global stan

The Royal Institution of Chartered Surveyors (RICS) was founded in London as the Institution of Surveyors, after a meeting of 49 surveyorsat the Westminster Palace Hotel on 15June 1868. In 1946, King George VI granted the title ‘Royal’ and in 1947 this professional body became the Royal Institution of Chartered Surveyors. Being an organisation with a strong global presence, RICS involves in the promotion and enforcement of highest international standards and regulations in diverse disciplines pertaining to the development of real estate and construction. 

At present 120,000 RICS certified professionals are engaged in real estate and construction related projects in 150 countries,sharing their specialised expertise in Quantity Surveying, Land Surveying, Town Planning, Project Management, Valuation or Appraisal.These professionals are specifically trained, certified and regulated under a single code of ethics and regulations, which demands conforming to required standards and the resolute practice of transparency and consistency to avoid conflicts of interest.

During the colonial rule, surveying profession was an established practice in Sri Lanka, where it gradually evolved from ‘Assessor of the Treasury’ to the‘Government Valuer’by 1946,parallel to the time when Royal Charter was bestowed upon the Surveyor’s Club. RICS Sri Lanka was established in 2003, in a bid to extend the globally acclaimed RICS services to the country, while giving an opportunity for local professionals and the potential surveying students to obtainthe prestigious Royal Charter accreditation. 

Candidates seeking RICS membership are required to qualify in Assessment of Professional Competencies (APC) pertaining to their respective disciplines including Valuation, Quantity Surveying, Facilities Management, Project Management and Land Surveying. RICS membership manageand utilise limited resources, maintain ethics and professional integrity, in addition to facilitating ‘Continuing Professional Development’. RICS certified professionals provide objective investment advice based on development potential, project costing, project viability andReturn on Investment (ROI) in line with the codes and guidelines as per the Black Book of RICS for Quantity Surveyors, whereasChartered Valuation Surveyors are required to conform to the codes and guidelines in accordance with the Red Book of RICS and the International Valuation Standard. 

Property Development and construction is one of the main key areasto a country’s growth, with thepotential to make a significant contribution towards the national GDP. With the advent of International Financial Reporting Standards, the Valuation expertise of Royal Institution of Chartered Surveyors in particular will be high in demand. These professionals will play a pivotal role in the appraisal of assets of individual entrepreneurs and organisations who are enlisted in the Stock Exchange with a bearing on the share prices. RICS’ acclaimed members will not only contribute their expertise inreal estate and construction projects varying from small scale projects to mega development projects, but also involve in infrastructure development such as highways harbours as well as power generation facilitieswhich will support Sri Lanka to unlock its untapped potential and shape the future of real estate and construction.