India Becomes a Transparent Real Estate Market: JLL’s Index

In recent real estate news, the tier-1 real estate market in India has been declared transparent in JLL’s Global Real Estate Transparency Index (GRETI) 2024. The nation has been crowned the leading global progressor in the 2024 GRETI, achieving notable advancements in transaction procedures and market principles. India has made significant developments in transparency in sustainability and performance measurement. The commercial real estate market in India has achieved increased transparency for the following reasons: adoption of best industry practices, support of institutes, regulatory improvements like RERA and the Insolvency and Bankruptcy Code.  

Indian real estate is becoming more attractive to foreign investors because of its focus on building homes and businesses that are more sustainable. India has made remarkable progress in transparency, as Tier 1 markets have shifted to the Transparent tier for the first time. The factors driving this improvement include better data availability, stricter financial rules, clearer guidelines for reporting climate risks, more accessible building regulations, and digital land records. India is among the top ten countries in the transaction process and ranks 12th in market fundamentals globally. Increased involvement of institutions, better access to asset-level information, and decreased information gap have driven the progress of the real estate market in India. 

Nonetheless, there is a need for more effective methods of resolving disputes. The REIT market’s expansion has played a major role in enhancing transparency, particularly in sustainability efforts such as green-certified office properties and disclosures concerning climate risks. India is leading in global improvements and is setting the benchmark for transparency enhancement on a global level, with ongoing efforts needed to climb to the next level of becoming a highly transparent market on the GRETI. The real estate market in India stands at the forefront of this transformation, showcasing the nation’s commitment to achieving global standards in transparency and sustainability.