India holds the 31st position in JLL’s Global Real Estate Transparency Index

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Global property consultant JLL announced that India’s top real estate markets have entered the ‘transparent’ zone for the first time, driven by the institutionalization of commercial assets and improved data access. According to JLL’s ‘Global Real Estate Transparency Index 2024’, India’s tier-I markets achieved a composite score of 2.44, placing the country at the 31st position among 89 countries. This achievement highlights India’s progress in enhancing transparency in its real estate sector.

JLL noted that India has made a significant leap in the 2024 index, reaching the transparent tier for the first time. This advancement is attributed to the increasing institutionalization of the commercial real estate market and better access to diverse real estate data sets. JLL emphasized that India is the top global improver in the 2024 index, making substantial progress in transaction processes and market fundamentals. The country has enhanced data coverage and quality across various property sectors, showcasing its commitment to improving transparency.

The index features 13 countries in the high-transparency zone, with the United Kingdom securing the top spot with a score of 1.24, followed by France, the United States, Australia, Canada, and others. Finland leads the 22 countries in the ‘transparent’ zone, which includes Hong Kong SAR, Denmark, Switzerland, Spain, Italy, Poland, and now, India’s tier-I markets. Countries that remain in the semi-transparent, low transparency, and opaque zones are striving to catch up.

Samantak Das, Chief Economist and Head of Research, India, JLL, highlighted the factors contributing to India’s improved ranking. He pointed out that increasing institutional participation and a push for transparency have led to the adoption of best industry practices in India’s commercial real estate market. The growth of four existing listed REITs has strengthened stabilized commercial assets, while standardized market valuation processes and REIT regulations have fostered market-based approaches.

Regulatory enhancements such as the Real Estate (Regulation and Development) Act (RERA) and the Insolvency and Bankruptcy Code have boosted investor protection. Furthermore, the implementation of digital land registry records and strict monitoring by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have contributed to a robust regulatory landscape.