India rises one place to 34th in global real estate transparency index 2020
India ranked 34 in the Global Real Estate Transparency Index. Regulatory reforms related to the real estate market, better market figures and green initiatives have led to a one-point improvement in the nation's ranking. The bi-annual survey by global property advisory firm JLL. India's ranking was 35 in the year 2018, 36 in the year 2016 and 39 in 2014.
The country's real estate market has been globally ranked as 'partially-transparent'. A total of 99 countries have been ranked in the index. It has Britain at the top. After this, America, Australia, France and Canada are in the top five countries respectively. India's neighbor China ranks 32 in this index, Sri Lanka 65 and Pakistan 73rd. The top 10 countries are categorized as highly transparent, 11 to 33 as transparent.
JLL CEO and Country Head (India) Ramesh Nair said, “India has seen steady improvement in the Global Transparency Index over the years. In fact we are one of the countries with Indonesia, Philippines and Vietnam which have seen maximum improvement due to positive government support and enhanced ecosystem of transparency. The national REIT framework has been a major contributor to transparency, particularly in India. "Explain that the efforts of major reforms by the government and the effect of continuous improvement in Indian real estate has excited global investors. Institutional investment created a new norm of $ 5 billion annually over the last three years.
Explain that the central government's objective of providing 'housing for all' by 2022 is being achieved through regulatory and fiscal incentives as well as providing tax benefits to sovereign funds for investment in affordable housing.
Major structural reforms such as the Real Estate Regulation and Development Act 2016 (RERA), GST, Benami Transaction Prohibition (Amendment) Act, 2016, Insolvency and Bankruptcy Code, digitization of land records have brought more transparency in the realty sector. This was a largely irregular area a few years ago.