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India rises one place to 34th in JLL’s 11th edition of the Global Real Estate Transparency Index 2020; UK tops

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India ranks 34th in JLL's Global Realty Transparency IndexOn July 07, 2020, According to the 11th edition of the ‘Global Real Estate Transparency Index 2020’, which covers 99 countries and territories and 163 cities, released by US based property consultant Jones Lang LaSalle’s (JLL), India has improved by one place to 34th with a total score of 2.69 under ‘semi-transparent’ zone.Regulatory reforms, better market data and sustainability initiatives led to a one-point improvement in the nation’s ranking.

Global status:
    – While, the United Kingdom (UK) has topped the list with a score of 1.31followed by United States ( 1.35 points) ,Australia (1.39 points), France, Canada, New Zealand, the Netherlands, Ireland, Sweden and Germany.
    – India’s neighboring country Sri Lanka ranks 65th position while Pakistan is at 73rd position.

Here’s the list of top 3 nations at Global Real Estate Transparency Index 2020:

Rank Country /Territory Score Investment Performance Market Fundamentals Listed Vehicles Regulatory & Legal Transaction Processes Sustainability

 

34th  India 2.69 3.55  2.35  1.92  2.63  1.92  3.18
1 United Kingdom 1.31 1.00 1.80 1.00 1.17 1.00 2.36
2 United States 1.35  1.15  1.41  1.00  1.24  1.28  2.45
3 Australia 1.39  1.18  1.64  1.00  1.51  1.13  2.00

India at Real Estate Transparency Index :

  • Government’s efforts are paying off: A major reforms by the government and the effect of continuous improvement in Indian real estate has excited global investors. Institutional investment created a new norm of $ 5 billion annually over the last three years. 
  • Major structural reforms 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 in the realty sector have brought more transparency. This was a largely irregular area a few years ago.
  • Central government’s objective of providing ‘Housing for all’ by 2022 is being achieved through regulatory and fiscal incentives as well as providing tax benefits to sovereign funds for investment in affordable housing. 

India’s Rank in Previous editions:

India was ranked 35th in the index during 2018 bi-annual survey, while the country was at 36th position in 2016 and 39th in 2014.

How is the index prepared?
–   Transparency is assessed by evaluating the cost and 210 indicators which are divided into 14 topic areas & then grouped into 6 various factors including performance measurement, market fundamentals, governance of listed vehicles, regulatory & legal frameworks, transaction process and environmental sustainability.
–   Countries ranked 1-10 are categorised ‘highly transparent’ and those between 11-33 are transparent. Nations ranked between 34 to 59 are considered semi-transparent, between 60-80 are considered to have low transparency and those below (81-99) are seen as opaque. So, India is in the semi-transparent zone.

About Jones Lang LaSalle’s (JLL):
Headquarters– Chicago, Illinois, United States
President & CEO– Christian Ulbrich
CEO and country head (India)– Ramesh Nair