Why in news?
• India is ranked 34th in Jones Lang LaSalle’s (JLL) biennial Global Real Estate Transparency Index (GRETI) 2020.
About:
• JLL has been tracking real estate transparency since 1999. This 11th edition of GRETI covers 99 countries and territories, and 163 city regions.
• The rankings have six Asia Pacific markets – Mainland China (32nd), Thailand (33rd), India (34th), Indonesia (40th), Philippines (44th) and Vietnam (56th) – among the top 10 biggest improvers globally.
• Mature markets such as Australia (3rd) and New Zealand (6th) have maintained their positions near the top of the global ranking.
Indian scenario:
• India has also edged into the top 20 for Sustainability Transparency through the active role of organizations like the Indian Green Building Council and Green Rating for Integrated Habitat Assessment (GRIHA).
• Within the realty sector, key structural reforms made in the recent past include the Real Estate Regulation and Development Act 2016 (RERA), GST, Benami Transaction Prohibition (Amendment) Act, 2016, Insolvency and Bankruptcy Code, digitization of land records etc.
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