Real Estate Transparency: India fares better than BRIC Markets
With the advent of technology, availability of data at a fingertip and advancement in market data availability, the primary cities in India have shown modest improvement in transparency over the past two years.
The Jones Lang LaSalle (JLL) eighth Global Real Estate Transparency Index covering 102 markets globally shows that India has shown moderate improvement. Jeremy Kelly the Director-Global Research, JLL mentioned that there is good news for the Asia Pacific Region. Progress has been the strongest in the Asia-Pacific region, with Indian cities showing better results against other BRIC (Brazil, Russia, China) markets. The progress has been weaker in the BRIC markets. Jelly also mentioned that they speculate that the momentum in transparency improvements will build over the next two years.
He talked about the nitty gritties of every economy and mentioned that India is likely to enact the Real Estate Regulation Bill, which looks at improving regulation over real estate agents and the quality of land registry records. This is one of the measures to improve transparency. India could see faster improvement in real estate transparency, with the new government undoubtedly in a stronger position to push through economic reforms. The new government is also proposing e-windows for all the clearance related activities to reduce the malpractice of bribes.
Source- The Hindu Business Line
Jones Lang LaSalle, Jones Lang LaSalle India, Jones Lang LaSalle's real estate intelligence service report, Jones Lang LaSalle’s Indian Real Estate Transparency Index (IRETI), Realty consultant Jones Lang LaSalle
