The National Housing Bank commissioned the services of private consultancy and research organisations of repute in the process of preparing the Residex as it also took into confidence real estate agents in various cities.

Data from banks and financial institutions on housing finances have also been utilised to arrive at the index, said information from the NHB site.

The ambitious project to prepare a comprehensive residential property price index for the country has now completed two phases. In the next phase, NHB Residex will be prepared for 35 more cities with a population of a million or more.

The final goal is to expand the coverage to all 63 cities which are under the Jawaharlal Nehru National Urban Renewal Mission.