Real Estate sector Current Affairs
Realtors body National Real Estate Development Council (NAREDCO) has signed Memorandum of Understanding (MoU) with Ministry of Housing and Urban Affairs to provide skill training and jobs in construction sector for 2.5 lakh poor people. The partnership will strengthen skill trainings and employment opportunities in construction sector for urban poor under Deendayal Antyodaya Yojana-National Urban Livelihoods Mission.
The two objectives of this MoU are provide employment to urban poor waiting to enter construction sector and up-skill the semi-skilled construction workers working on construction sites to skilled category. NAREDCO will ensure implementation of this initiative through training providers. It will deliver majority of fresh and upskilling training programme at construction sites. The training curriculum under this initiative will range from minimum 10 days (80 hours) to maximum of 6 months. Through this collaboration around 2,50,000 urban poor will be trained.
National Real Estate Development Council (NAREDCO)
It is autonomous self-regulatory body under Ministry of Housing and Urban Affairs. It was established in 1998 and is headquartered in New Delhi. It serves as apex national body for real estate industry and provides single platform for Government, industry and public to discuss various problems and opportunities face to face for speedy resolution of issues. Its mandate also includes to induce transparency and ethics in real estate business and transform unorganized Indian real estate sector into matured and globally competitive business sector.
India was ranked 35th among 100 countries (countries) in recently released Global Real Estate Transparency Index (GRETI). The index was released by realty consultant JLL. India was ranked 36th in the index during the last bi-annual survey conducted in 2016 and 40th in 2014. Its real estate market is currently placed in the ‘semi-transparent’ zone.
Global Real Estate Transparency Index
GRETI ranks 100 markets based on combination of quantitative market data and survey results across on 186 individual measures divided into 14 topic areas grouped and weighted into six broad sub-indices: performance measurement (weightage 28.5%), market fundamentals (16.5%), governance of listed vehicles (10%), regulatory and legal (25%), transaction process (15%) and sustainability (5%). The index scores markets on scale of 1 (being highest possible score) to 5 (lowest score). Depending on their overall performance, markets are assigned to one of five transparency tiers viz. highly transparent, transparent, semi-transparent, low transparency and opaque.
Key Highlights of 2018 GRETI
Top 10 countries are: United Kingdom (1st), Australia (2nd), United States (3rd), France (4th), Canada (5th), Netherlands (6th), New Zealand (7th), Germany (8th), Ireland (9th) and Sweden (10th).
Top 5 worst performers: Venezuela (100), Libya (99), Senegal (98), Mozambique (97) and Ivory Coast (96).
BRICS countries: South Africa was ranked at 21st position, followed by China (33rd), Brazil (37th) and Russia (38th).
South Asia: Sri Lanka (66th position), Pakistan (75th).
India related Facts: In this edition of index, India has moved up one place due to improvement in market fundamentals, policy reforms, and liberalisation of FDI. Besides, digitisation of property records and industry status accorded to affordable housing also has helped India to improve its rankings. India has emerged as one of the top ten countries to register maximum improvement in transparency in real estate over the last two years