In Terms Of Transparency, Indian Real Estate Is Among The Top 10 Markets.

In Terms Of Transparency, Indian Real Estate Is Among The Top 10 Markets.

India exhibits the most improvement in the Asia-Pacific region according to the Global Real Estate Transparency Index 2022.

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According to JLL's 2022 Global Real Estate Transparency Index, India has one of the top 10 most improved real estate markets worldwide (GRETI). According to the report, which was published on July 5, 2022, India's increase in transparency score between 2020 and 2022 (from 2.82 to 2.73) was greater than that of some of the markets with high levels of transparency. This improvement was attributed to digitization and the availability of data for transaction processes, in addition to general market fundamentals.  

Currently, Indian real estate is on the verge of falling into the "Transparent" category.

Data availability is being improved, and transaction processes are more transparent, thanks to PropTech platforms and strong regulatory systems.

In addition to regulatory initiatives like the Model Tenancy Act and the digitization of land registries and market data, such as through the Dharani & Maha RERA platforms, increased

institutional investment and the rising number of real estate investment trusts (REITs) are supporting India's improvement in transparency, according to JLL.

"India's efforts to increase openness will pique investor interest and boost occupier trust.

As a result, the nation will witness increased capital investment as it makes constant efforts to make correct data accessible, enforce legal safeguards for property ownership, and improve the regulatory environment to ease the transactions. "Regulations in the Indian real estate sectors, particularly RERA & digitalization in all transaction procedures, have resulted in a more sanitized and transparent data availability, aiding the nation in achieving exceptional growth in the index”.

"Going forward, the world will continue to place a high priority on sustainability. India has made remarkable achievements in sustainability over the past several years, but more deliberate thinking and an action plan are needed to make sustainability the norm, she continued.

Sustainability requires sustained thought The nation must enhance sustainability tracking in order to advance from the current Semi-Transparent list to the desired transparent list. The last few of years have not seen significant improvement in India's sustainability practices, but investors and occupiers are pushing this transformation. The National Guidelines on Responsible Business Conduct, which went into effect in 2021, mandated reporting requirements for the top 1,000 publicly, traded companies starting in 2022–2023; local plans like Mumbai's Climate Action Plan, which was unveiled in 2022 and is anticipated to mandate building energy management systems by 2025; and other initiatives at both the national and local levels.

Making conformity to ECBC and green certifications/ratings mandatory would promote sustainability more. Following India's goal for Net Zero by 2070, the regulatory incentive for required tracking and reporting is currently weak but should receive significant support.

According to JLL's 2022 index, sustainability has been the main force for transparency improvements throughout markets. Building energy efficiency and emissions regulations are becoming increasingly necessary in a growing number of nations and cities, and green and healthy building certifications are becoming more widely used. Sustainability metrics, however, continue to be among the least transparent globally, and the fragmented

regulatory environment - with various standards being set at the municipal, state, region, and national levels, as well as a proliferating array of sustainability credentials, benchmarks, and standards - is making it harder for investors and businesses to navigate and understand their responsibilities.

Improvement in transaction process In GRETI 2022, this was the criteria where India's score improvement was the greatest.

The availability of richer and deeper data as well as regulatory actions has greatly increased access to asset information. The transaction process in India has become more transparent and significant as a result of reforms that have also pushed for higher professional standards for real estate brokers and a framework for sifting out illegal funds through strict anti-money laundering legislation.

Among other APAC nations, India's improvement in this metric lagged behind Malaysia and Vietnam.

"With a favourable investment climate in place and plenty of chances for investors, India's investment performance parameter has remained stable. Investor tactics have also undergone change and a reset over the past two years. Some nations have risen in the rankings as a result of improved investor favour. Despite increasing its composite score in this category, India has maintained its standing, according to Samantak Das, chief economist and head of research at REIS, India JLL. JLL's GRETI is one of the top indices that provide a more in-depth understanding of the transparency spectrum across real estate characteristics, which is most helpful for real estate investors throughout the world. It gives nations a chance to spot lagging indicators and make a concentrated effort to boost international investment flows, he continued.

Alternative real estate assets are of interest.

Many investors in the Asia Pacific region still place a strong emphasis on diversification. In approximately two-thirds of the markets monitored, institutional capital—such as that managed by asset managers, pension funds, and sovereign wealth funds—is involved in the alternative real estate sectors. This indicates that there are now higher expectations for openness across specialized property categories like lab space, data centres, and student housing.

Indian large cities and core asset classes now have widespread access to high-frequency data because to the intervention of tech platforms and legislative changes. With the work now in progress, it has to be replicated for other cities and alternative sectors through a combination of private sector involvement and government push towards the digitization of land and property data. In order for India to quickly move up to the Transparent tier, the sustainability agenda needs to be given more of a push as market transparency advances due to better data access, better corporate governance procedures, and more publicly traded REITs providing more publicly available statistics.

Looking forward The real estate business is currently seeing new, innovative, and paradigm-shifting developments as transparency and sustainability come together. Global asset benchmarking will be made simpler by standardized sustainability measuring metrics. The decarburization of the built environment and the reduction of climate risk across nations will depend on making such data reporting mandatory. The trend toward tracking and aggregating granular and frequent data is being driven by the spread of technology. Even though this works best in nations with digitized data sources and governance, sophisticated infrastructure, and more developed capital markets, the opposite is also true in terms of how market transparency is improved by the proliferation of data aggregators that compile market data from disparate sources. To boost transparency and meet rising expectations, the road from rules to implementation - across financial regulations, land-use planning, taxation, anti-money laundering, and eminent domain - will be crucial.

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