NHB to launch Housing Price Indices for 5 cities

Kolkata, June 26: In order to help various stakeholders monitor the value of residential property prices, National Housing Bank(NHB) will launch Housing Price indices in the next two to three weeks.

Speaking to mediapersons here today, NHB Chairman&Managing Director S Sridhar said the bank is working closely to create the indices for the five cities initially.

The index would create a benchmark for housing industry in the country.

The National Housing Bank (NHB) would have indices of residential property prices and prepared on a quarterly basis to start with.

The project envisages compiling the indices for selected 10 major cities--Greater Mumbai, Kolkata, Delhi, Chennai, Banagalore, Hyderabad, Ahmedabad, Kanpur, Jaipur and Patna.

''These indices would be useful for various stakeholders like individual builders, housing finance industry as well as Government and policy-makers,'' Mr Sridhar said.

While individual buyers and builders can benefit by interpreting the indices to get an idea regarding demand and price movements of different types of houses in various regions and localities, the housing finance industry can use the indices to assess the likely demand for finance.

UNI