Real Estate sector Current Affairs

Global Real Estate Transparency Index: India ranks 35

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

Month: Categories: Business & Economy Current Affairs 2018

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Union Government notifies rules for Real Estate Act for five UTs

The Union Ministry of Housing has notified the Real Estate (Regulation and Development) (General) Rules, 2016, to be applicable to the five Union Territories.

These five Union Territories are Andaman & Nicobar Islands, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep and Chandigarh.

Key Facts

  • These Rules have been notified as stipulated in the Real Estate (Regulation & Development) Act, 2016 for ensuring timely completion of projects in five Union Territories
  • As per provisions of the Act, Real Estate Regulatory Authorities (RERA) and Real Estate Appellate Tribunals (REAT) have to be set up by the end of April, 2017.
  • The Rules provide for compounding of punishment with imprisonment for violation of the orders of REAT against payment of 10% of project cost in case of developers and 10% of the cost of property purchased in case of allottees and agents.

Real Estate (Regulation & Development) Act, 2016

The Real Estate Act that seeks to regulate the housing sector besides bringing transparency and ensuring timely completion of projects. The law is touted as a major reform measure to regulate the vast real estate sector. It requires registration of all projects with state-level Real Estate Regulatory Authorities to ensure protection of the interests of both buyers and builders.

Month: Categories: India Current Affairs 2018

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