The domestic real estate market, which is grappling with slowdown in demand and a tight liquidity situation, may have some reason to cheer. When it comes to the level of transparency in commercial real estate within Asia Pacific, both India and China have improved their position — moving up from low transparency to semi-transparency, according to Jones Lang LaSalle.
“Five markets moved from Tier 4 (low transparency) to Tier 3 (semi-transparent): China, Dubai, India, Romania, and Ukraine. Vietnam, moved from Tier 5 (opaque) to Tier 4. Although Venezuela’s score declined, it did not move to a lower tier,” the Global Real Estate Transparency Index 2008, said.
The transparency has been measured on parameters such as availability of data on real estate market, data on real estate performance indices, accounting standards and regulations, governance, clarity in taxes, planning codes, land registry, ease of transaction (sale or lease), professional standard for agents, amongst others; hence an improvement in a market’s position in the index augurs well.
“In India, the issue of real estate transparency at a sub-national city level is gaining importance as real estate investors and corporate occupiers extend into new regions in their search for higher returns or cost-effective locations.
“International investors and occupiers are moving into secondary and tertiary cities, which have not been traditional targets of the real estate community,” Mr Anuj Puri, Chairman and Country Head India, Jones Lang LaSalle Meghraj, said.
1 comment:
Post a Comment