According to the Global Real Estate Transparency Index by Jones Lang La Salle it is nevertheless true that the situation and the sentiments in the real estate are improving. There still remains a need for transparency in many Indian cities. According to this Chicago based real estate Company it is a major requirement to establish more clarity on the rules connected to the purchases made of property within the realty sector.
The report also made it clear that India still scores the lowest in the transparency bracket of its transaction process.
This Chicago based firm magnified over 100 countries and appraised them over various parameters ranging from the availability of data, the number of listed developers and also the vigorous regulators.
India still fights a battle when it comes to cassette the real estate transactions. This is because many of the deals are done off the book, recorded with certain governmental offices which refrain from providing numbers. This has made the situation all the more tough for the home buyers as well as the analysts to access a properties worth and also it is therefore tough to understand the pace at which the property prices are poignant
The big deals done in bigger cities are kept in records and is quit existent in everyone’s sensors, whereas the small deals in the number of smaller cities are often very hard to keep a record of. It is actually the small dealing of many smaller real estate companies which are kept off the record.
The analysts have realized that it has become extremely challenging to keep the record of such happenings in the realty sector.
In the interim the real estate mediators in India are amateur and deceitful. The Indian system seems to be a market in which any one can penetrate with the least amount of knowledge and the ability to get the paper work right also anybody who has an understanding of the brain needed to transfer control of property can enter the real estate market of India.
Another reason accountable of the Indian real estate degrading rank is the lack for a regulator for the real estate. There is a requirement of a proper regulatory body to govern the rules and rogation commanding the real estate happenings. As of now the Ministry of Urban Development, Local Registry Office and many other associations are seeking an immediate need for a well-established regulatory body.
The Foreign consulting firm also pointed out that those who have invested a huge amount of money have demanded more transparency as it’s the matter of their investments. If the market transparency is considered the real estate in India will get a major boost and the government on the other hand should go with the plans to improve the real estate regulations.
It is also a known fact that later in the year India is likely to bring into force the Real Estate Regulation Bill which will definitely render the much needed quality to the process of land registry and record keeping.