India's improved real estate transparency? Top Chicago firm's ranking based on land law Modi wants to scuttle

A top Chicago-based real top consultancy firm has praised the Narendra Modi government for improving India’s Global Real Estate Transparency Index (GRETI) ranking to the 36th position this year from the 40th in 2014 on the basis of the “proactive measures” to increase transparency in the real estate sector through an Act, which it wants to scuttle.
The 36th position is for Tier 1 cities, with a population of 100,000 or more. It is 39th position for Tier 2 cities (with a population between 50,000 and 99,000), and 52nd for Tier 3 cities (with a population between 20,000 and 49,999. While for Tier 2 cities there is an improvement by three ranks, for Tier 3 cities, the ranking has gone down by two points (see chart).
In India, the Jones Lang LaSalle (JLL) report says, “Land records have started to be digitised and made available via an online database, while the Land Acquisition, Rehabilitation and Resettlement Act has simplified procedures for acquiring land and determining fair compensation to sellers.”
Though passed by the last UPA government in 2013, ironically, the firm says, the law was enacted in 2014, but refuses to recall Modi efforts to scuttle it through repeated ordinances in 2014-15. The Act, as passed in 2013, has been under unprecedented criticism from the corporate sector and its supporters, who believe call it the main hurdle in “developing” industrial projects because of its clauses of consent and social impact assessment.

Worse, refusing to recall the year when the Act was passed, Anuj Puri, chairman and country head, JLL India, says, India “moved up by four ranks thanks, in large part, to the Modi government’s aim to stimulate growth and reduce red tape”, adding, this was aided by “improved market fundamentals” and “policy reforms like Land Acquisition Act.”
Titled “Global Real Estate Transparency Index, 2016: Taking Real Estate Transparency to the Next Level”, the report says, India remains in the “semi-transparent category”, adding, “The Anglosphere continues to dominate the ‘Highly Transparent’ group – the United Kingdom (1st), Australia (2nd), Canada (3rd) and the United States (4th) hold the top positions.”

Pointing out that top 10 ‘Highly Transparent’ countries account for 75% of global real estate investment, the report basis its analysis on factors such as high-quality accessible market data, fair transaction processes, strong corporate governance, stringent regulatory enforcement, clarity of property ownership, high ethical standards, green building regulations, and so on.
In all covering 109 countries worldwide, while the survey does mention the Real Estate (Regulation and Development) Act, 2016 as a measure to help improve real estate transparency, it insists, India “should provide more buyer protection and an equitable platform to resolve disputes.”
The Real Estate Act 2016, it is well known, makes it mandatory for project developers to register with the Real Estate Regulatory Authority (RERA). Based on Real Estate Regulatory Authority (RERA) Bill 2013, it obliges the builder to quote prices based on carpet and not super built-up area.
The report wants India to further improve its “regulatory reforms” essential for further progress, saying “Our survey reveals that among the ‘semi-transparent’ group (in which India is among the very top) there is a notable disconnect between the existence of regulations and actual enforcement – particularly in land use planning, contracts and building codes.”

Comments

Irrational? Basis for fear among Hindus about being 'swamped' by Muslims

I was amused while reading an article titled "Ham Paanch, Hamare Pachees", shared on Facebook, by well-known policy analyst Mohan Guruswamy, an alumnus of the John F. Kennedy School of Government, Harvard University, and the Graduate School of Business, Stanford University. Guruswamy, who has also worked as an advisor to the Finance Minister with the rank of Secretary to the Government of India, seeks to probe, as he himself states, "the supposed Muslim attitude to family planning"—a theme that was invoked by Narendra Modi as Gujarat Chief Minister ahead of the December 2002 assembly polls.

Why's Australian crackdown rattling Indian students? Whopping 25% fake visa applications

This is what happened several months ago. A teenager living in the housing society where I reside was sent to Australia to study at a university in Sydney with much fanfare. The parents, whom I often met as part of a group, would tell us how easily the boy got his admission with the help of "some well-meaning friends," adding that they had obtained an education loan to ensure he could study at a graduate school.

Tracking a lost link: Soviet-era legacy of Gujarati translator Atul Sawani

The other day, I received a message from a well-known activist, Raju Dipti, who runs an NGO called Jeevan Teerth in Koba village, near Gujarat’s capital, Gandhinagar. He was seeking the contact information of Atul Sawani, a translator of Russian books—mainly political and economic—into Gujarati for Progress Publishers during the Soviet era. He wanted to collect and hand over scanned soft copies, or if possible, hard copies, of Soviet books translated into Gujarati to Arvind Gupta, who currently lives in Pune and is undertaking the herculean task of collecting and making public soft copies of Soviet books that are no longer available in the market, both in English and Indian languages.

Gujarat slips in India Justice Report 2025: From model state to mid-table performer

Overall ranking in IJR reports The latest India Justice Report (IJR), prepared by legal experts with the backing of several civil society organisations and aimed at ranking the capacity of states to deliver justice, has found Gujarat—considered by India's rulers as a model state for others to follow—slipping to the 11th position from fourth in 2022.

Punishing senior citizens? Flipkart, Shopsy stop Cash on Delivery in Ahmedabad!

The other day, someone close to me attempted to order some goodies on Flipkart and its subsidiary Shopsy. After preparing a long list of items, this person, as usual, opted for the Cash on Delivery (popularly known as COD) option, as this senior citizen isn't very familiar with online prepaid payment methods like UPI, credit or debit cards, or online bank transfers through websites. In fact, she is hesitant to make online payments, fearing, "I may make a mistake," she explained, adding, "I read a lot about online frauds, so I always choose COD as it's safe. I have no knowledge of how to prepay online."

A conman, a demolition man: How 'prominent' scribes are defending Pritish Nandy

How to defend Pritish Nandy? That’s the big question some of his so-called fans seem to ponder, especially amidst sharp criticism of his alleged insensitivity during his journalistic career. One such incident involved the theft and publication of the birth certificate of Masaba Gupta, daughter of actor Neena Gupta, in the Illustrated Weekly of India, which Nandy was editing at the time. He reportedly did this to uncover the identity of Masaba’s father.

Of lingering shadow of Haren Pandya's murder during Modi's Gujarat days

Sunita Williams’ return to Earth has, ironically, reopened an old wound: the mysterious murder of her first cousin, the popular BJP leader Haren Pandya, in 2003. Initially a supporter of Narendra Modi, Haren turned against him, not sparing any opportunity to do things that would embarrass Modi. Social media and some online news portals, including The Wire , are abuzz with how Modi’s recent invitation to Sunita to visit India comes against the backdrop of how he, as Gujarat’s chief minister, didn’t care to offer any official protocol support during her 2007 visit to Gujarat.

Area set aside in Ahmedabad for PM's affordable housing scheme 'has gone to big builders'

Following my article on affordable housing in Counterview, which quoted a top real estate consultant, I was informed that affordable housing—a scheme introduced by Prime Minister Narendra Modi—has deviated from its original intent. A former senior bureaucrat, whom I used to meet during my Sachivalaya days, told me that an entire area in Ahmedabad, designated for the scheme, has been used to construct costly houses instead.

Just 5% Gujarat Dalit households 'recognise' social reformers who inspired Ambedkar

An interesting survey conducted across 22 districts and 32 villages in Gujarat sheds light on the representation of key social reformers in Dalit households. It suggests that while Dr. B.R. Ambedkar's photo was displayed in a majority of homes, images of Lord Buddha and the 19th-century reformist couple, Savitribai Phule and Jyotiba Phule, were not as commonly represented.

Search This Blog