This is another good impact of RERA. Owing to RERA, policies for land title insurance, strengthening of Benami Transactions Act and the sector aligning itself with the GST regime, India’s rankings have improved on the global platform.
- India has moved up one place to claim the 35th spot on JLL’s Global Real Estate Transparency Index (GRETI). This has been aided by improvement in market fundamentals, policy reforms, and liberalisation of FDI. Digitisation of property records and ‘industry status’ accorded to affordable housing have also helped.
- Moreover, India has also shown incredible improvement in the latest survey and emerged as one of the top 10 countries to register maximum improvement in transparency in real estate over last two years. The country has moved up five places since 2014 or over last two cycles of JLL’s GRETI.
- India’s marked improvement remains unmatched in comparison to countries with similar market size that are also part of the same “semi-transparent” group. Among BRICS countries both China and South Africa stayed on the same 33rd and 21st ranks, respectively, as in the 2016 assessment. Russia also remained confined to 38th rank but Brazil slipped to the 37th spot.
- Private equity investments into realty sector are one of the best indicators of the confidence of the investor community and the confidence is closely linked with the transparency of the property markets and improvement in transparency. In India’s case, where the transparency index rank moved up by five places in last two editions of JLL-GRETI, a rise in private equity over these years clearly reflects the growing confidence and comfort of the world best and large PE Funds.
- India is one of top ten countries showing maximum improvement in transparency score.