India enters ‘Transparent Tier’ in JLL’s Global Real Estate Transparency Index 2024
Certus Capital
·3 Minutes
India emerged as the top global improver in transparency levels overthe last two years, entering the ‘Transparent’ Tier of JLL’s Global RealEstate Transparency Index, 2024.
JLL has recently published Global Real Estate Transparency Index. As per JLL, most transparent markets/countries account for higher investments and countries with greatest transparency around price discovery, broadest capital markets and largest potential for diversification are positioned to lead into the next cycle.
India has witnessed highest improvement amongst all 89 countries to rank 31st overall. Moving 5 spots ahead from 2022, India has entered the Transparent Tier for the first time.
(Refer table below).
Overall, India’s improvement is mainly attributable to the following factors:
Data and digitisationDigitisation of land recordsGreater data coverage and improved quality across both core and niche property sectors brought about by increased institutionalisation
Better regulatory environmentMore proactive financial regulator and new climate risk disclosure guidelinesStreamlined building regulations
The transparency composite score is based on individual performance in six parameters. Within all six contributing parameters, transaction process saw the greatest improvement. India is the only Asian country that has featured in top 10 of ‘transaction process’ parameter and has ranked 12th in the ‘market fundamentals’ parameter.
Below is a summary of what has improved under each parameter:
Transaction Process (Ranked 10th) – increasing improvement driven by rising institutional participation and greater access to asset level information
Market Fundamentals (Ranked 12th) – significant improvement in data availability and performance benchmarks with multiple vendors providing information across multiple asset classes
Regulatory and legal (Ranked 43rd) – regulatory changes like RERA and IBC bringing in greater protection of domestic investor interest and govt efforts to digitize land registry records
Listed vehicles (Ranked 36th) – REIT market performance and emergence of SM REIT supports market growth
Sustainability (Ranked 29th) – significant strides towards sustainable real estate – India’s office stock is 56% green-certified in 2024
Performance measurement (Ranked 40th) – Greater investments and improving transparency levels in line with global standards
Even though India has taken a huge stride moving up from ‘semi-transparent’ to ‘transparent’ tier, it still has a long way to make the leap to the next tier. India must move 19 ranks above to reach the ‘Highly transparent’ tier.
A few strategies to achieve this goal is as follows:
More granular investment performance indices, by investment style and return type
Greater information on real estate financing conditions, debt origination and maturity profiles
Enhanced data on alternative sectors
Public beneficial ownership records
Double-down on ESG: nature-related risk reporting, resilient building standards, biodiversity, green leases
Certus View: India reaching ‘Transparent’ tier for the first time as per JLL‘s Global Real Estate Transparency Index is a significant milestone for India’s Real Estate Market. This will bolster domestic as well as foreign institutional participation in India’s real estate market, both in physical and financialized form.
Source Name: JLL’s Global Real Estate Transparency Index – 2024, India Insights
June 2026
Regulatory Tightening Meets Demand Moderation
India enters ‘Transparent Tier’ in JLL’s Global Real Estate Transparency Index 2024 — Certus Research | Certus Capital
