India ranks 34 on Global Real Estate Transparency Index
India’s real estate sector jumped five spots to rank 34 on JLL and LaSalle’s Global Real Estate Transparency Index (GRETI), an acknowledgement by global investors of the efficacy of reforms, clean market data and enhanced sustainability initiatives.
India’s real estate sector is still considered semi-transparent, but it is just one rank away from being grouped among transparent markets such as Switzerland, Singapore and Hong Kong. According to the report, the UK, US, Australia, France, Germany and Canada are ranked among highly transparent property markets.
Along with Indonesia, Philippines and Vietnam, India is among the handful of countries that have seen the maximum improvement owing to positive governmental support and an enhanced ecosystem of transparency. In particular, the national REIT (Real Estate Investment Trust) framework has been a major contributor to transparency in India, and with ongoing progress and governance, will continue to attract more interest from institutional investors.
Key policy decisions, which led to an improvement in global investors’ perception of Indian real estate also include infrastructure status to affordable housing projects and the implementation of the Insolvency and Bankruptcy Code and the Goods and Services Tax (GST).