Real-estate transparency improving

At a time when the real estate sector in India is facing fundamental challenges to business, its transparency seems to be improving. According to the Jones Lang LaSalle 8211; 2008 Real Estate Transparency Index, India now holds the 50th position out of 82 markets globally. Canada, Australia and United States occupy the top 3 positions while Cambodia, Algeria and Sudan are among the bottom 3.

Countries are grouped into bands such as Highly Transparent Tier 1 and Opaque Tier 5. India has moved up from Tier 4 Low Transparent to Semi-Transparent Tier 3. The number of listed vehicles under real estate has increased in an improving regulatory and legal framework, although India continues to score poorly on market fundamentals and performance measurement.

Anuj Puri, Chairman and Country Head, Jones Lang LaSalle Meghraj, says, 8220;India ranks the highest among BRIC nations in the 8216;listed vehicles8217; parameter due to large numbers of listed players that adhere to the stringent guidelines by SEBI.8221;

8220;Lifting of the Urban Land Ceiling and Regulation Act in states such as Maharashtra has helped in simplifying the regulatory framework. However, data availability is still scarce,8221; says Abhishek Kiran Gupta, Head of Research Jones Lasalle Meghraj.