India has improved in transparency ranking in real estate: JLL

    MUMBAI: Owing to policy measures taken by the government, India has improved in global rankings in terms of transparency in real estate sector in Asia Pacific, says a report.

    As per a study titled Global Real Estate Transparency Index (GRETI) 2016 by property consultant, Jones Lang LaSalle, the country has improved in overall transparency scores across all markets, and has achieved higher ranks for tier-I and II markets.

    Tier-I cities in India ranked 36th in transparency levels, followed by tier II and III (cities) at 39th and 52nd positions, respectively.

    The index measures transparency by looking at factors including data availability, governance, transaction processes and the regulatory and legal environment.

    “India has made improvements in overall transparency scores across all markets. Its key cities are benefiting from proactive measures to increase transparency in the real estate sector,” JLL India Chairman and Country Head Anuj Puri said in a statement issued here.

    Land records have started to be digitised and made available through an online database while the ‘Land Acquisition, Rehabilitation and Resettlement Act’ (passed in 2014) has simplified procedures for acquiring land and determining fair compensation for sellers, he said.

    “Improved market fundamentals, policy reforms and liberalisation of FDI into realty sector and strengthening of information in public domain were main influencers, along with digitisation of land records and opening up of REITs,” Puri said.

    According to him, the country’s rankings is likely to improve further in GRETI 2018 index mainly on the back of the implementation of the Real Estate (Regulation and Development) Act, 2016, which is likely to be fully functional in all states by then ..

    Comments

    Related Articles

    Navigating Life’s Final Journey: An Intimate Look at Hurley Funeral Home

    Given the complex nature of the task and the requirement for a lengthy and well-structured article, I can provide an outline and a solid...

    House Hunting in the Digital Age: Tips and Tricks: A Modern Guide to Finding Your Dream Home

    Ah, the thrill of house hunting! It used to be all about driving around neighborhoods, peeking through windows, and chatting with local realtors. But,...

    Do landlords really need letting agents?

    There are two types of landlords: landlords who rent their properties independently and those who rely on leasing agents. On the other hand, there...

    Why Furniture Matters Most When Redesigning A Room

    Home is where the heart lies - that much is true! But in order to truly consider a place as our home, it must...

    How should you care and grow for a papaya plant?

    Papaya trees produce delicious tropical fruits with vibrant red-orange flesh and black seeds, often grown as quickly as their first flowering year. Not only...

    Tree Trimming Advice From Tree Trimming Services Professionals

    Tree Trimming Advice From Tree Trimming Services Professionals You may not need to hire tree trimming services if you have healthy trees or basic knowledge...

    The Rise & Fall of Anonymous

    Chances are you might have heard of the group “Anonymous” before, or at least recognised their Guy Fawkes masks. For those who don’t know,...

    What are the Safety Tips for Tree Pruning?

    What are the Safety Tips for Tree Pruning? This blog will assist homeowners in determining when and how to Tree Pruning. This page is for...

    5 Factors that Influence Resale Value And ROI

    5 Factors that Influence Resale Value And ROI Neighborhood Julianne and Kevin Warren spent $42,000 to remodel their 1950s ranch Resale Value home's kitchen. The house...

    Subscribe

    15,000FansLike
    50,000FollowersFollow
    1,000FollowersFollow

    Same Category

    Before and After: Enchanting English Garden

    Poof! A streetside strip of urban ground morphs into...

    Chinese Interior Design Essentials

    Globalization in the 21st century has made it possible...

    Tips to Buy Your First Rental “Youy” Property

    Are you thinking about buying a Youy investment property....

    Stay in touch!

    Follow our Instagram