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adProperty News

     
 
Chennai to get nhbresidex
Source : The Hindu Property Plus Published On : 2009-05-02 City : Chennai

Chennai is among the 10 new cities for which the National Housing Bank (NHB) has completed work on a price index for residential property. Raj Pal, Principal Adviser to NHB, told The Hindu Property plus that the NHBResidex is expected soon. It had used 2007 as the base year.

The NHBResidex, as the price index has been named, is on the lines of other price indices used in the country. Chennai and nine other cities have been included in the index in the second phase of the ongoing and ambitious programme to bring all 63 cities covered by the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) within the purview of the property price index.

Hyderabad, Faridabad, Patna, Ahmedabad, Kochi, Jaipur, Luck now, Pune and Surat, are the nine other prominent cities in the second phase of the NHBResidex preparation.

According to the NHB, the property price index will systematically track residential property prices.

“It tracks the movements of residential property prices and can be used to estimate the house wealth, which is an important component of an average Indian’s personal wealth,” says S. Sridhar, who was the Managing Director of NHB at the launch of NHBResidex in July 2007.

Mr. Sridhar had hailed it as “one of the first indices in the world for a developing country.” Developed countries such as the U.S. and the U.K. had well-established housing price indices, he said.

It has been hard work for the small team in the special division led by Mr. Pal at the NHB, considering that capturing data on the real estate business in India proved an enormously difficult task. Reliable data on the realty business in the country has been hard to come by.

It has been widely known for long that the actual price of property is not disclosed. Only the transacting parties are privy to it as they try to circumvent taxes, registration fee and stamp duty.

The NHB involved property brokers to get a real picture of the market. Data from them will be involved in the future too as the bank went about working on more urban centers in the country.

The NHBResidex was launched in July 2007 after the pilot project included the metros Delhi, Mumbai, Bangalore, Kolkata and Bhopal. The preparation of the first index as part of the pilot project was spread over 2001 and 2005. 2001 was taken as the base year.

NHBResidex was well received by the government, banks and the industry, said Mr. Pal.

The index was quoted twice in the Economic Survey, a measure of its reliability. The consideration before the NHB was that keeping an eye on the house prices could provide useful data for different interest groups.

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