Sustainability Initiatives and regulatory reforms have enhanced higher levels of transparency in the real estate industry of India as a result of which India improved its ranking to 34th place in the biennial Global Real Estate Transparency Index (GRETI).
The Index GRETI has set a unique benchmark in terms of transparency in the real estate market across the globe and has also served as an essential guide for international companies investing & operating in the foreign markets.
GRETI is released biennially by the United States-based property and investment management services firm- Jones Lang LaSalle Incorporated (JLL). GRETI was first released in the year 1999. This year marked the 11th edition of GRETI. A total of 163 cities and 99 countries have been covered in the 11th edition of GRETI.
India’s ranking explained in Depth
India ranked 34th in 2020 edition had made a significant improvement in ranking as in the 2014 edition, India was ranked at the 39th place globally. For this improvement, GRETI has citied improvements and reforms such as Real Estate Investment Trust (REIT) framework improved, RERA Act 2016, Benami Transaction Prohibition (Amendment) Act 2016, Goods and Services Tax (GST), etc.
India’s overall score in 2020 GRETI ranking was 2.69 (Higher the score- Lower the Ranking).
Other Countries in the Ranking
- United Kingdom (overall score: 1.31) has been ranked at the first place in GRETI 2020 ranking
- United States (1.35) and Australia (1.39) have been ranked at second and third place respectively
- Hong Kong (2.03) was ranked at 15th place, while Taiwan (Republic of China) (2.34) has been ranked at 23rd place
- China ranked 32nd with a 2.59 overall score
- Sri Lanka at 65th place, Myanmar at 72nd, Pakistan at 73rd
Categories: Reports & Indices