The Global Real Estate Transparency Index (GRETI) is a valuable resource for organizations doing business in foreign markets and an exclusive benchmark for real estate market transparency. It’s an essential resource for investors, developers, and corporate occupiers worldwide. In addition, it’s an excellent tool for organizations operating in international markets, since it provides a rapid overview of how the worldwide real estate market works on a global scale.
This article will give details about the Global Real Estate Transparency Index within the context of the IAS Exam.
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2020 Index Findings
- JLL and LaSalle have been tracking real estate transparency and championing higher standards since 1999.
- From investment performance standards and market data to transaction records and sustainability criteria, the 2020 Index covers a broad range of topics that define how transparent a property market is.
- This year’s edition includes 163 cities from 99 countries and regions, providing a genuinely worldwide view of property investment transparency. It is a Fortune 500 company listed on the New York Stock Exchange, having a yearly profit of $18.0 billion in 2019 and a global workforce of almost, 93000 as of June 30, 2020.
- With about, 12000 specialists in India, JLL operates in 10 big cities (Delhi, Mumbai Bengaluru, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Kochi, as well as Coimbatore) with over 130 tier II and III markets.
- Transparency is improving in most countries and regions, according to the 2020 Index, although overall improvement is at its lowest level since the immediate aftermath of the Global Financial Crisis.
- The leading Anglophone countries hold the top three rankings: the United Kingdom, Australia, and the United States.
- However, several Western European markets, such as France, Germany, and Sweden, are catching up. A blend of proptech and new data, environmental initiatives, anti-money laundering rules, and more excellent tracking of alternative industries has increased transparency in these ‘Highly Transparent’ markets.
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Global Real Estate Transparency Index in India
In the 11th edition of the Global Real Estate Transparency Index 2020, India is ranked 34th. This index shows that transparency is improving in most countries and territories, but the overall improvement is at its lowest level since the immediate aftermath of the Global Financial Crisis.
Important advances, according to JLL, such as fair remuneration for landowners, protection for house buyers, and the reduction of operational obstacles in REITs have all contributed to increased transparency. In addition, the Real Estate Regulation and Development Act of 2016 (RERA), the Goods and Services Tax (GST), the Benami Transaction Prohibition (Amendment) Act of 2016, the Insolvency and Bankruptcy Code, and the digitization of land records have brought increased transparency to a largely unregulated sector.
Because of the active engagement of groups like the Indian Green Building Council and also the Green Rating for Integrated Habitat Assessment, India is very near to the top 20 for Sustainability Transparency, according to the report. The impact of such significant reforms and consistent progress in the Indian real estate industry has sparked interest from investors worldwide.
GRETI’s effect on worldwide real estate
The report provides an overview of the work to be done in the territories and their degree of transparency. Transparency is critical because it provides investors with the confidence to participate in a certain project in a specific country. When the government in a given territory is stable, the possibilities of investment grow. No one invests money in a marketplace where the rules are constantly changing. Therefore, the investor will first consider how he can protect his funds and his rights.
Additionally, with the assistance of GRETI, the recipients assess the potential investment centre, thereby assisting in the expansion of the real economy in that specific territory. According to a recent survey, London has the clearest real estate market in the world, as well as being the most active in the cross-border real estate market.
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Frequently Asked Questions on Global Real Estate Transparency Index
Which place has the clearest real estate market in the world?
London has the clearest real estate market in the world.
JLL has been tracking real estate transparency since which year?
JLL has been tracking real estate transparency since 1999. Jones Lang LaSalle’s (JLL) publishes the biennial Global Real Estate Transparency Index (GRETI).
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