India’s Global Real Estate Transparency Index ranking has improved by one notch to 34 on the back of regulatory reforms, better market data and green initiatives, according to property consultant JLL.
India was ranked 35th in the index during the 2018 bi-annual survey, while the country was at 36th position in 2016 and 39th in 2014.
The country’s real estate market is currently placed in the ‘semi-transparent’ zone.
The United Kingdom (UK) ranks first in the list of 99 countries, followed by the United States, Australia, France, Canada, New Zealand, the Netherlands, Ireland, Sweden, and Germany.
Mainland China is at 32nd position, Chinese Taipei at 23rd, Sri Lanka is at 65th position while Pakistan is at 73rd.
Top 10 countries are categorized as highly transparent, while those in the 11th position to 33rd are termed as transparent.
“The country ranks 34th globally on the index, with higher levels of transparency observed in India due to regulatory reforms, enhanced market data and sustainability initiatives,” JLL India said in a statement.
This improvement is led by the progress in the country’s REIT (Real Estate Investment Trust) framework attracting greater interest from institutional investors.
The structural reforms such as the Real Estate Regulation and Development Act 2016 (RERA), GST, Benami Transaction Prohibition (Amendment) Act, 2016, Insolvency and Bankruptcy Code and digitization of land records have brought about greater transparency in what was an erstwhile largely unregulated sector a few years back, JLL said.
This is the 11th edition of the Global Real Estate Transparency Index. It covers 99 countries and territories and 163 city regions.
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.