The Indian real estate industry has witnessed a silver lining amid this period of gloom concerning the pandemic. Our country now ranks 34th as per the biennial Global Real Estate Transparency Index (GRETI) that was announced recently by global real estate service firm Jones Lang LaSalle (JLL). This improved ranking can be attributed to regulatory reforms, enhanced market data and sustainability initiatives.
JLL has been tracking the all-important transparency quotient and championing higher standards in the domain of real estate since 1999. This 11th edition of GRETI covered 99 countries and territories, including 163 city regions. In fact, this latest survey was extended to quantify 210 separate elements related to transparency.
Over the last decade or so, India has been moving up the ladder and is now at the cusp of ‘transparent’, as per the GRETI 2020 rankings. In fact, this performance by our country is highly laudable since the 2020 Index has been launched at a period riddled with massive societal and economic disruption. The need for transparent processes, accurate data and high ethical standards are at an all-time high now. This pandemic-ridden period is also ensuring that transparency within Asia Pacific’s real estate legal and regulatory systems is more important than ever to global investors. It is being speculated that these investors are looking to pump in approximately $40 billion in dry powder capital into the region.
The latest rankings have six Asia-Pacific markets – Mainland China (32nd), Thailand (33rd), India (34th), Indonesia (40th) and Vietnam (56th) – among the 10 biggest improvers globally. While the United Kingdom holds the numero uno position, mature realty markets such as Australia (3rd) and New Zealand (6th) have maintained their positions near the top of the heap.
POSITIVE SIGNS FOR THE INDIAN REALTY MARKET
- According to JLL, the country’s Real Estate Investment Trusts (REIT) has contributed to an enhanced ecosystem of transparency, which, in turn, given a boost to the sector by attracting more investors.
- The real estate firm also highlighted the pressure from investors, businesses and end-consumers to improve transparency in real estate have contributed positively in providing a sustainable business environment, even in the period crippled by Covid-19.
- India’s higher ranking is also riding on the active role of organizations like the Indian Green Building Council and Green Rating for Integrated Habitat Assessment.
- Additionally, innovative new property technology has been responsible in changing how real estate data is gathered and interpreted, thereby influencing transparency at a regulatory level.
- Other positive contributory factors include key structural reforms within the industry like the Real Estate Regulation and Development Act 2016 (RERA), GST, Benami Transaction Prohibition (Amendment) Act 2016, Insolvency and Bankruptcy Code, digitization of land records, among others.
ARRJAVV : RIDING THE TIDE
Reputed and credible developers like Arrjavv are cantering on the current bullish sentiments of the market to ensure they move ahead with the times and continue to build quality residential as well as commercial properties for their customers. In sync with India’s remarkable improvement in the transparency scores across all markets, this leading developer in eastern India has already adopted the new tools like fast-track digitization and technology-led innovation for the benefit of its customers. The Group has always been credited for its impeccable ethical standards, including the highest level of transparency and quality with regard to all their projects.