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

By A Representative
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

A comrade in culture and controversy: Yao Wenyuan’s revolutionary legacy

By Harsh Thakor* This year marks two important anniversaries in Chinese revolutionary history—the 20th death anniversary of Yao Wenyuan, and the 50th anniversary of his seminal essay "On the Social Basis of the Lin Biao Anti-Party Clique". These milestones invite reflection on the man whose pen ignited the first sparks of the Great Proletarian Cultural Revolution and whose sharp ideological interventions left an indelible imprint on the political and cultural landscape of socialist China.

Two more "aadhaar-linked" Jharkhand deaths: 17 die of starvation since Sept 2017

Kaleshwar's sons Santosh and Mantosh Counterview Desk A fact-finding team of the Right to Feed Campaign, pointing towards the death of two more persons due to starvation in Jharkhand, has said that this has happened because of the absence of aadhaar, leading to “persistent lack of food at home and unavailability of any means of earning.” It has disputed the state government claims that these deaths are due to reasons other than starvation, adding, the authorities have “done nothing” to reduce the alarming state of food insecurity in the state.

Epic war against caste system is constitutional responsibility of elected government

Edited by well-known Gujarat Dalit rights leader Martin Macwan, the book, “Bhed-Bharat: An Account of Injustice and Atrocities on Dalits and Adivasis (2014-18)” (available in English and Gujarati*) is a selection of news articles on Dalits and Adivasis (2014-2018) published by Dalit Shakti Prakashan, Ahmedabad. Preface to the book, in which Macwan seeks to answer key questions on why the book is needed today: *** The thought of compiling a book on atrocities on Dalits and thus present an overall Indian picture had occurred to me a long time ago. Absence of such a comprehensive picture is a major reason for a weak social and political consciousness among Dalits as well as non-Dalits. But gradually the idea took a different form. I found that lay readers don’t understand numbers and don’t like to read well-researched articles. The best way to reach out to them was storytelling. As I started writing in Gujarati and sharing the idea of the book with my friends, it occurred to me that while...

What's behind Donald Trump's 'narco-state' accusation against Venezuela

By Manolo De Los Santos The US government has revived its campaign to label Venezuela a "narco-state", accusing its top leadership of drug trafficking and slapping hefty bounties on their heads for capture. This campaign, which only momentarily took a backseat, is a strategic fabrication, not a factual assessment. This accusation, particularly amplified under the Trump Administration, is a calculated smokescreen to justify a long-standing agenda: the overthrow of the Venezuelan government and the seizure of its vast oil and mineral resources. A closer examination of the facts reveals a country that has actively fought drug trafficking on its own terms and a US government with a clear and consistent history of destabilizing independent countries in Latin America.

New RTI draft rules inspired by citizen-unfriendly, overtly bureaucratic approach

By Venkatesh Nayak* The Department of Personnel and Training , Government of India has invited comments on a new set of Draft Rules (available in English only) to implement The Right to Information Act, 2005 . The RTI Rules were last amended in 2012 after a long period of consultation with various stakeholders. The Government’s move to put the draft RTI Rules out for people’s comments and suggestions for change is a welcome continuation of the tradition of public consultation. Positive aspects of the Draft RTI Rules While 60-65% of the Draft RTI Rules repeat the content of the 2012 RTI Rules, some new aspects deserve appreciation as they clarify the manner of implementation of key provisions of the RTI Act. These are: Provisions for dealing with non-compliance of the orders and directives of the Central Information Commission (CIC) by public authorities- this was missing in the 2012 RTI Rules. Non-compliance is increasingly becoming a major problem- two of my non-compliance cases are...

N-power plant at Mithi Virdi: CRZ nod is arbitrary, without jurisdiction

By Krishnakant* A case-appeal has been filed against the order of the Ministry of Environment, Forest and Climate Change (MoEF&CC) and others granting CRZ clearance for establishment of intake and outfall facility for proposed 6000 MWe Nuclear Power Plant at Mithi Virdi, District Bhavnagar, Gujarat by Nuclear Power Corporation of India Limited (NPCIL) vide order in F 11-23 /2014-IA- III dated March 3, 2015. The case-appeal in the National Green Tribunal at Western Bench at Pune is filed by Shaktisinh Gohil, Sarpanch of Jasapara; Hajabhai Dihora of Mithi Virdi; Jagrutiben Gohil of Jasapara; Krishnakant and Rohit Prajapati activist of the Paryavaran Suraksha Samiti. The National Green Tribunal (NGT) has issued a notice to the MoEF&CC, Gujarat Pollution Control Board, Gujarat Coastal Zone Management Authority, Atomic Energy Regulatory Board and Nuclear Power Corporation of India Limited (NPCIL) and case is kept for hearing on August 20, 2015. Appeal No. 23 of 2015 (WZ) is filed, a...

1857 War of Independence... when Hindu-Muslim separatism, hatred wasn't an issue

"The Sepoy Revolt at Meerut", Illustrated London News, 1857 By Shamsul Islam* Large sections of Hindus, Muslims and Sikhs unitedly challenged the greatest imperialist power, Britain, during India’s First War of Independence which began on May 10, 1857; the day being Sunday. This extraordinary unity, naturally, unnerved the firangees and made them realize that if their rule was to continue in India, it could happen only when Hindus and Muslims, the largest two religious communities were divided on communal lines.

Ground reality: Israel would a remain Jewish state, attempt to overthrow it will be futile

By NS Venkataraman* Now that truce has been arrived at between Israel and Hamas for a period of four days and with release of a few hostages from both sides, there is hope that truce would be further extended and the intensity of war would become significantly less. This likely “truce period” gives an opportunity for the sworn supporters and bitter opponents of Hamas as well as Israel and the observers around the world to introspect on the happenings and whether this war could have been avoided. There is prolonged debate for the last several decades as to whom the present region that has been provided to Jews after the World War II belong. View of some people is that Jews have been occupants earlier and therefore, the region should belong to Jews only. However, Christians and those belonging to Islam have also lived in this regions for long period. While Christians make no claim, the dispute is between Jews and those who claim themselves to be Palestinians. In any case...

Fate of Yamuna floodplain still hangs in "balance" despite National Green Tribunal rap on Sri Sri event

By Ashok Shrimali* While the National Green Tribunal (NGT) on Thursday reportedly pulled up the Delhi Development Authority (DDA) for granting permission to hold spiritual guru Sri Sri Ravi Shankar's World Culture Festival on the banks of Yamuna, the chief petitioners against the high-profile event Yamuna Jiye Abhiyan has declared, the “fate of the floodplain still hangs in balance.”

Counterview

Search This Blog