India Ranked Lowest in Transparency in Real Estate
Renowned property consultant and market research expert Jones Lang LaSalle recently conducted a “Global Real Estate Transparency Index” survey for the countries of the Asia-Pacific. According to the survey, Indian real estate market ranks lowest when it comes to transparency in all real estate related matters. The main contributors behind this abysmal performance of the Indian market is the lack of professionalism of the local real estate agents and high investment prices. This report also reveals that the Asia Pacific group of countries has seen tremendous progress in implementing transparency in the realty market.
According to the Market Research Director of JLL Jeremy Kelly, the realty market of the tier-I and tier-II Indian cities have seen some improvement in transparency, with tier-III cities lagging behind.
However, according to JLL, the election of the new government will bring in welcome changes in the way real estate transactions are conducted in the country. Especially with the possible implementation of the Real Estate Regulatory Bill, better regulation of real estate agents and documentation processes is expected. The bill, which is slated to be passed in 2014, is going to be a fresh start for the Indian real estate market.
Source: The Economic Times
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