NHB Residex from the National Housing Bank, designed by a technical advisory committee comprising Government representatives, lenders and property market players, is a set of benchmarks that aims to track housing price indicators across Indian cities.
Originally flagged off in July 2007, the index was discontinued in 2015 and was refurbished and re-introduced earlier this month. It now sports enhanced city coverage (rising from 26 to 50, to be eventually raised to 100), a new base year (2012-13) and new data sources (with data from banks and home finance companies and market surveys).
The NHB Residex currently offers two sets of quarterly Housing Price Indices (HPIs) across the cities it tracks. List prices of under-construction property, collated through a survey of developers, are captured in the‘Market HPI’. Data reported by banks and finance companies that extend home loans, is collated into the‘Assessment HPI’. While these two datasets have been released for 50 cities from 2013 to 2017, indices on resale homes, rental values, land prices and building materials are awaited.
ADVERTISEMENT