The Real Estate Transparency Survey 2011-12 ranks TN (Tamil Nadu) second only behind Andhra Pradesh on various parameters while determining transparency.
The TN state is followed by Maharashtra, Gujarat, NCR - Delhi and Karnataka on the transparency index of 20 leading Indian states.
The study was conducted by the CREDAI (Confederation of Real Estate Developers Association of India) in association with property consultants JLL India (Jones Lang LaSalle India)
.
Indian Real Estate Transparency Index 2011- 12 benchmarks 20 leading states of India on 5 broad parameters:
1. Availability of market information
2. Reforms in urban local bodies
3. Progressive business environment
4. Protection of property rights
5. Inclusive and sustainable development
Of the 5 factors that have been taken into consideration while arriving at the ratings, Tamil Nadu also ranks second as far as availability of market information & reforms in urban local bodies are concerned.
The report explains that there is easy flow of information in the sector through real estate portals, financial statements of listed developers and real estate indices, while several urban reforms have been carried out under the JNNURM.
Mr. Ashutosh Limaye, Head - Research JLL India, “The study is the outcome of a survey where the respondents, mainly developers, who were asked about parameters such as experience with government machinery, legal aspects, time required for permissions and corruption. We have also studied government policies and their track record for deciding on factors such as inclusive and sustainable development. However, the Tamilnadu state lags way behind most states in terms of protection of property rights and in arriving at a model of development, which is both inclusive and sustainable.
The study aims to assist investors, developers, the Government and buyers to gauge the advancement in transparency levels achieved by these 20 states, and to apprise themselves of the areas that require further reforms.
Highlights !
Top 6 states..!
* 1. Andhra Pradesh
2. Tamil Nadu
3. Maharashtra
4. Gujarat
5. NCR-Delhi
6. Karnataka are the top 6 states in terms of transparency
* 24 to 36 months are added to the pre-construction process in acquiring statutory approvals Delay in statutory approvals and high cost of finance have highly impacted construction time lines over the past 2 years
* 97% of the developers are willing to provide actual measurements for calculating saleable & carpet area, to improve transparency to buyers
* A majority of developers want single window clearance for projects with regulators at state level than at the center.
* Land records & registration services in the state are perceived as being corrupt.
* Enforcement of contracts is difficult. Repeal of Rent Control Act is still pending. Poor air quality & air pollution continue to be a concern
In what would sound like music to the ears of buyers plagued by the prohibitive costs of the estimated super built-up area, above 90% of the developers have expressed their willingness to provide actual measurements for calculating saleable & carpet area to buyers and also agreed on the need to define a uniform carpet area & saleable area pan India.
Mr. Mathews Joseph, Head - Marketing TVH said, “The market in Tamil Nadu is driven by the end user who wishes to spend his savings to buy his dream home; hence it has became prudent for them to transact with developers with a good reputation. Of late, we have witnessed new players in the real estate market, who are originally from other industries. They have good experience and now, we have some international real estate brands entering the market. These factors are also responsible for enabling the market to evolve”
A majority of the developers are also not inclined towards disclosing the source of funds or the shareholding pattern in their projects. The report goes on to add that the proposed Real Estate Regulatory Authority will make the stakeholders more responsible towards their commitments and infuse more confidence, which is currently lacking in the real estate industry.
The study aims to assist investors, developers, the Government and buyers to gauge the advancement in transparency levels achieved by these 20 states, and to apprise themselves of the areas that require further reforms.
The TN state is followed by Maharashtra, Gujarat, NCR - Delhi and Karnataka on the transparency index of 20 leading Indian states.
The study was conducted by the CREDAI (Confederation of Real Estate Developers Association of India) in association with property consultants JLL India (Jones Lang LaSalle India)
.
Indian Real Estate Transparency Index 2011- 12 benchmarks 20 leading states of India on 5 broad parameters:
1. Availability of market information
2. Reforms in urban local bodies
3. Progressive business environment
4. Protection of property rights
5. Inclusive and sustainable development
Of the 5 factors that have been taken into consideration while arriving at the ratings, Tamil Nadu also ranks second as far as availability of market information & reforms in urban local bodies are concerned.
 |
| Ashutosh Limaye |
Mr. Ashutosh Limaye, Head - Research JLL India, “The study is the outcome of a survey where the respondents, mainly developers, who were asked about parameters such as experience with government machinery, legal aspects, time required for permissions and corruption. We have also studied government policies and their track record for deciding on factors such as inclusive and sustainable development. However, the Tamilnadu state lags way behind most states in terms of protection of property rights and in arriving at a model of development, which is both inclusive and sustainable.
The study aims to assist investors, developers, the Government and buyers to gauge the advancement in transparency levels achieved by these 20 states, and to apprise themselves of the areas that require further reforms.
Highlights !
Top 6 states..!
* 1. Andhra Pradesh
2. Tamil Nadu
3. Maharashtra
4. Gujarat
5. NCR-Delhi
6. Karnataka are the top 6 states in terms of transparency
* 24 to 36 months are added to the pre-construction process in acquiring statutory approvals Delay in statutory approvals and high cost of finance have highly impacted construction time lines over the past 2 years
* 97% of the developers are willing to provide actual measurements for calculating saleable & carpet area, to improve transparency to buyers
* A majority of developers want single window clearance for projects with regulators at state level than at the center.
* Land records & registration services in the state are perceived as being corrupt.
* Enforcement of contracts is difficult. Repeal of Rent Control Act is still pending. Poor air quality & air pollution continue to be a concern
In what would sound like music to the ears of buyers plagued by the prohibitive costs of the estimated super built-up area, above 90% of the developers have expressed their willingness to provide actual measurements for calculating saleable & carpet area to buyers and also agreed on the need to define a uniform carpet area & saleable area pan India.
Mr. Mathews Joseph, Head - Marketing TVH said, “The market in Tamil Nadu is driven by the end user who wishes to spend his savings to buy his dream home; hence it has became prudent for them to transact with developers with a good reputation. Of late, we have witnessed new players in the real estate market, who are originally from other industries. They have good experience and now, we have some international real estate brands entering the market. These factors are also responsible for enabling the market to evolve”
A majority of the developers are also not inclined towards disclosing the source of funds or the shareholding pattern in their projects. The report goes on to add that the proposed Real Estate Regulatory Authority will make the stakeholders more responsible towards their commitments and infuse more confidence, which is currently lacking in the real estate industry.
The study aims to assist investors, developers, the Government and buyers to gauge the advancement in transparency levels achieved by these 20 states, and to apprise themselves of the areas that require further reforms.
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