As many as 13 countries are in the “high transparency” zone. (Image: Bloomberg)
Global real estate consultancy JLL on Tuesday released its ‘Global Real Estate Transparency Index, 2024’, revealing that India has moved up to 31st position, reflecting improved governance within the sector.
India’s top-tier real estate markets have entered the “transparent” zone for the first time, driven by institutionalisation of commercial assets and improved access to diverse real estate data sets, the consultancy firm said.
The list includes 89 countries in total, with the UK topping the list with a score of 1.24, while India scored 2.44.
Which countries have the best transparent real estate zones?
Thirteen countries are included in the “high transparency” zone. After the United Kingdom, they are followed by France, the United States, Australia, Canada, the Netherlands, New Zealand, Ireland, Sweden, Germany, Japan, Belgium and Singapore.
As for the “transparent zone” criteria, Finland topped the list, along with 21 other countries. Among others, Spain, South Africa, China Tier-1, Thailand, Romania, Norway, Czech Republic, Luxembourg, Denmark and Switzerland were included.
The remaining countries are in semi-transparent, low-transparency and opaque zones.
How can India further improve its score?
For India, other factors that helped its markets enter the transparency zone were the proactiveness of the financial regulator (Reserve Bank of India), digitization of records, new climate risk disclosure guidelines, and simplified construction regulations, among others.
The company attributed the role of the Real Estate Regulation and Development Act (RERA) and the Insolvency and Bankruptcy Code in improving governance and protecting investor interests. India has eight Tier 1 cities: Hyderabad, Mumbai, Bengaluru, Delhi, Chennai, Ahmedabad, Pune and Kolkata.
Karan Singh Sodi, Senior Managing Director (Mumbai MMR and Gujarat) and Head of India Alternatives at JLL, said that for the Indian real estate market outlook, improvements in areas such as dispute resolution mechanisms can further boost the country’s prospects.
The report also highlighted the need to democratize access to data, strengthen institutional participation in public markets and focus on sustainable development.
First published: August 27, 2024 | 17:51 IS
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