Mumbai, Jul 7 (IANS): India is ranked 34th in JLL's Global Real Estate Transparency Index (GRETI), marking an improvement due to more regulatory reforms and other initiatives.

In the previous index launched in 2018 India was in the 35th position.

"The country ranks 34th globally on the index, with higher levels of transparency observed in India due to regulatory reforms, enhanced market data and sustainability initiatives," a JLL statement said.

The report noted that India, Indonesia, the Philippines and Vietnam are among the Index's top improvers due to regulatory reforms, enhanced market data and sustainability initiatives.

The improvement is led by the progress in the country's REIT framework attracting greater interest from institutional investors. India has also edged into the top 20 for 'sustainability transparency'.

"India has seen a steady improvement in the Global Transparency Index over the years. In fact, along with Indonesia, the Philippines and Vietnam, we are among the handful of countries that have seen the maximum improvement owing to positive governmental support and an enhanced ecosystem of transparency," said Ramesh Nair, CEO and Country Head (India) JLL.

He noted that the national REIT framework has been a major contributor to transparency in India, and with ongoing progress and governance, will continue to attract more interest from institutional investors.

Globally, United Kingdom is the most transparent country in terms of the real estate market followed by the US.

China at 32nd position and Thailand at 33rd spot are just above India.