Reforms pay off and it has been proven once again. As per the reports, India improved its rank in Global Real Estate Transparency Index and is ranked at 34 now. When the index ranking was announced last time in 2014, India was at rank 39. It is a known fact that the reforms under the Modi government have helped India to remarkable improve its rank in the Ease of Doing Business ranking over the years, from 142nd rank in 2014 to 63rd rank in 2020.
Now the improvement in the real estate sphere testifies for the reforms undertaken in recent years. The Modi government has implemented the landmark Real Estate (Regulation and Development) Act, 2016 and Benami Transactions (Prohibition) Amendment Act, 2016. These laws brought in greater transparency.
It can also be taken into consideration that digitization of land, neglected for years, were also implemented during this period, which has also added to the transparency factor. Besides this, the policy focus in this sector is also evident as the government is pursuing ‘Housing for All’ by 2022. This involves regulatory and fiscal incentives, with tax benefits spearheading the affordable housing movement.
All such factors have enthused the global investor sentiment positively in India’s real estate growth.
Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. It comes up with Global Real Estate Transparency Index. The Economic Times quoted Ramesh Nair, CEO, JLL saying “”Along with Indonesia, Philippines and Vietnam, we are among the handful of countries that have seen the maximum improvement owing to positive governmental support and an enhanced ecosystem of transparency. In particular, the national REIT (Real Estate Investment Trust) framework has been a major contributor to transparency in India, and with ongoing progress and governance, will continue to attract more interest from institutional investors.”