India ranks 34th in JLL's Global Realty Transparency Index

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, as per property consultant JLL. During 2018 bi-annual survey, India ranked 35th in the index, while the country was at 36th position in 2016 and 39th in 2014.

India’s real estate market is presently placed in the 'semi-transparent' zone.

First rank is held by the United Kingdom (UK) in the list of 99 countries, followed by the United States, Australia, France, Canada, New Zealand, the Netherlands, Ireland, Sweden, and Germany.

Top 10 countries are classified as highly transparent, while those in the 11th position to 33rd are considered 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," as per JLL India’s statement.

This improvement is due to the progress in the country's REIT (Real Estate Investment Trust) framework attracting greater interest from institutional investors.

The transparency in the system is brought by the structural reforms in an erstwhile largely unregulated sector a few years back such as the Real Estate Regulation and Development Act 2016 (RERA), GST, Benami Transaction Prohibition (Amendment) Act, 2016, Insolvency and Bankruptcy Code and digitisation of land records, JLL said.

This is the 11th edition of the Global Real Estate Transparency Index, covering 99 countries and territories and 163 city regions.

The latest survey has been expanded to quantify 210 separate elements of transparency, with additional coverage on sustainability and resilience, health and wellness, prop-tech, and alternatives sectors.