India has moved to 34th spot in Global Real Estate Transparency Index on Tuesday. It rose by one point owing to progress in regulatory reforms, better market data and green initiatives.
India has shown solid improvement in 2020, said JLL, a property consultant. It has registered one of the largest improvements globally and regionally. This improvement was due to progress in the country’s REIT (Real Estate Investment Trust) framework, attracting greater interest from institutional investors. India has also edged into the top 20 for sustainability transparency through the active role of organisations like the Indian Green Building Council and Green Rating for Integrated Habitat Assessment.
The impact of key reforms and steady improvement in Indian real estate have enthused global investors. Institutional investments have created a new benchmark of US $ 5 billion annually in the last three years, the JLL added.
Moreover, structural reforms such as the Real Estate Regulation and Development Act, GST, Benami Transaction Prohibition (Amendment) Act, 2016 and digitization of land records have brought greater transparency to this sector, said JLL.
India was ranked 35th spot in the index in 2018; it was in 36th position in 2016 and 39th in 2014.
The United Kingdom ranks first in the list of 99 countries, followed by the United States, Australia, France, Canada, New Zealand, The Netherlands, Ireland, Sweden and Germany. While China is placed at 32nd, Pakistan is at 73rd .
Top 10 countries are categorised as highly transparent and countries in the 11th position to 33rd are termed as transparent.
The Global Real Estate Transparency Index which covers 99 countries and territories and 163 cities globally. The Index evaluates transparency based on over 200 variables relating to transaction processes, regulatory and legal frameworks, corporate governance, performance measurement, data availability and sustainability. It is a unique benchmark of real estate transparency and a guide for companies operating in foreign markets.
This latest survey has been extended to quantify 210 separate elements of transparency, with additional coverage on sustainability and resilience, health and wellness, proptech and alternatives sectors.