Chennai/ Hyderabad, Dec16 (TruthDive): Andhra Pradesh ranks first, while Jharkhand is the worst in transparency in matters of real estate. Andhra Pradesh (AP) is closely followed by Tamil Nadu and Maharashtra, while Uttar Pradesh and Bihar are better than Jharkhand in the list prepared by the Confederation of Real Estate Association of India (CREDAI) and Jones Lang LaSalle’s Indian Real Estate Transparency Index (IRETI).
There are many factors that make Andhra the best player in the lot, says IRETI. However, almost everywhere, services related to land records and registration are perceived to be corrupt, and AP is no exception. “Starting a business takes less time, costs less and has fewer procedures in Andhra Pradesh. However, real estate services related to land records and registration are highly corrupt. Moreover, the state is yet to repeal the Rent Control Act, which keeps rents artificially low in old buildings due to which landlords refuse to renovate,” says the report.
Tamil Nadu rates highly on market information, urban reforms and property rights. But services related to records and water supplies are corrupt, according to Transparency International. Registration of property is also a cumbersome task. Increasing demographic pressure on the environment can severely affect things in the long-term.
Maharashtra has put an impressive show on some fronts like availability of market information, providing a progressive business environment and initiating reforms in urban local bodies—where it has fared best among the 20 states. However, it falls way behind in ensuring inclusive development (10th) and protection of property rights (16th). “Enforcement of contracts is difficult. Repealment of the Rent Control Act is still pending. Air pollution continues to be a concern,” says the IRETI report.
According to the CREDAI-JLL report, Gujarat, which occupies the 4th position in the list, offers the best protection of property rights and provides a better business environment than its neighbour, has performed badly in providing inclusive development (14th).
“Property markets in developing nations are largely inefficient compared with those in developed nations, primarily due to the dismal levels of transparency in the real estate ecosystem. The prime reasons for higher costs in non-transparent markets are lack of information, corruption, multiplicity or ambiguity in taxation and lengthy procedures,” the report says.
5 comments:
very true...people in real estate Hydrabad are so transparent than any other part of country...really very informative and good article..
very true...people in real estate Hydrabd are so transparent than any other part of the country....really very informative and good article...
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Really great article about indian real estate market. Indian citizens are more interested to invest their money into real estates and different assets. Because of invest their money into real estate the prices for lands going high. It’s good to invest money in real estate’s rather than stock exchange. Due to these reasons now a day’s real estate companies are increasing a lot. Recently I heard about Sitosys eMedia Pvt. Ltd, one of the real estate companies which are launching a real estate web application. This Application provides information about builders, contractors and brokers who is located at Sitosys eMedia Pvt. Ltd., 3rd Floor, D Block, Krishe Sapphire Building, Near Hitech City, Madhapur, Hyderabad.
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