NHB Seeking Agency for Data Collection On Unsold Residential Units
The National Housing Bank (NHB) is scouting for an agency to collect data of unsold properties — both under construction and ready-to-move-in ones — across 50 cities from builders and developers for the computation of its key price index. NHB RESIDEX, India’s first official housing price index (HPI), was launched in July 2007 to track the movement in prices of residential properties in select cities on a quarterly basis. The housing finance regulator publishes two HPIs — HPI@ Assessment Prices and HPI@ Market Prices for Under Construction Properties for 50 cities. NHB has floated a request for proposal (RFP) for the engagement of an external agency to source data on unsold properties for computation of HPI@ Market Price for Under Construction Properties’ for NHB RESIDEX. As of now, information and data related to real estate especially price trend and supply are available in a piecemeal fashion. Though NHB and the Reserve Bank of India (RBI) have real estate indices, they are not updated regularly and thus do not reflect the most recent trends. It is important for indices to provide more recent data and do so for micro-markets as well. Such indexes can help homebuyers in decision making as well as other stakeholders of the real estate market.
Tags : News/Views National Housing Bank NHB Residex HPIs Assessment Prices Market Prices