An increased focus on real estate will help India scale up its ranking in World Bank’s ease of doing business index in the coming years, says a new study by real estate services major JLL India.

The implementation of Real Estate (Regulation and Development) Act 2016 (RERA) and Goods and services tax (GST) – both not factored in in the recent index calculation – will be accounted for in the coming editions of the index ranking and will in turn further boost the country’s ranking, according to JLL.

It may be recalled that India scaled up 30 positions in recently announced World Bank ease of doing business index for 2017.

This JLL report states that registering a property, dealing with construction, trading across borders, enforcing contracts and resolving insolvency are the areas where India needs to make some progress.

“We wanted to deep dive to find all the improvements that are impacting real estate because of changes in government policies. What are the things that we could improve to move form 100 to 50? Are there low-hanging fruits? We also wanted to see where we stand vis-a-vis other players,” said Shubhranshu Pani, Managing Director, JLL India.

Transparency expected

“RERA and GST will bring about the much-needed transparency in quality and in delivery of the projects. It will also bring about checks and balances and hold specific service providers and developers accountable,” Pani said. Meanwhile, with the onset of RERA and GST, industry players feel there will be increased discipline on the part of the developers in delivery of projects.

Till end-July this year, as many as 15 out of 29 States have implemented RERA. The government has since extended the deadline to December 31, 2017.

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