India currently ranked 35 in the global estate transparency index, driven by policy reforms and liberalisation of FDI rules in property as well as retail sectors.
According to a survey conducted by realty consultant JLL, India has improved its ranking by one notch to 35th in the global real estate transparency index. India was ranked 36th in the index during the last bi-annual survey conducted in 2016 and 40th in 2014. The country’s real estate market is currently placed in the ‘semi-transparent’ zone.
The ranking is expected to improve further in the next survey in 2020, on the back of several government initiatives such as Real Estate (Regulation and Development) Act (RERA), GST and Benami Transactions Act, JLL India’s CEO and Country Head Ramesh Nair said.
According to the survey, UK is at the top position followed by Australia and the US. France, Canada, Netherlands, New Zealand, Germany, Ireland and Sweden are in top 10 in the list of 100 countries.
Sri Lanka is at the 66th position and Pakistan at 75th among south Asian countries. Venezuela is the least transparent market with 100th rank.
Among BRICS nations, the consultant said that both China and South Africa remained on the same rank 33rd and 21st position, respectively, while, Brazil slipped to 37th position and Russia remained at 38th rank.