India and China had made steady progress in their transparency levels in the real estate sector, global real estate consultancy firm, Jones Lang LaSalle Meghraj said this indicated real supply and demand in the sector over the last two years.

According to real estate transparency index complied by the professional services firm, the biggest improvers in Asia Pacific are: India, China and Vietnam. The index, which provides a framework for comparing the level of real estate transparency in 82 markets around the world, shows that nearly half of the countries surveyed in 2006 demonstrated a significant improvement in their transparency score two years later.

It said there had been a steady rise in transparency levels in the Indian real estate sector. The improvement has been led by a range of factors, including introduction of real estate investment trusts and real estate mutual funds, greater availability of market information, increased foreign investment, improved accounting standards and financial disclosure, the possible introduction of a real estate regulator and advances in the legal and regulatory environment, Anuj Puri, Chairman and Country Head of Jones Lang LaSalle Meghraj, said quoting the latest Real Estate Transparency Index report.

Indian emerging real estate cities are ranked in the semi-transparent level along with China’s Tier-1 cities, which is the third category after highly and transparent levels in the index.Besides, India’s Tier-III cities have also improved their levels and joined the low transparent level along with Tier-II and Tier-III cities of China.

India now holds the 50th position out of 82 markets globally. Canada, Australia and the U.S. occupy the top three positions while Cambodia, Algeria and Sudan are among the bottom nations. “India ranks the highest among BRIC (Brazil, Russia, India and China) nations in the ‘listed vehicles’ parameter due to large numbers of listed players that adhere to the stringent guidelines by Securities and Exchange Board of India (SEBI),” Mr. Puri said.

It is expected that over the next decade, transparency in India will increase via introduction of sector regulators, professionalism and international best practices in real estate, the findings predicted.

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