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NHB residex being the first housing price index in India was instigated to fill price information gap and integrate the property development process in major cities. Initially programming with 10 cities which included Chennai, Bangalore, Greater Mumbai, Kolkata, Delhi, Hyderabad, Ahmadabad, Kanpur, Jaipur and Patna, the has been started with a lead study of five cities. At present the cities covered are Bangalore, Delhi, Kolkata, Bhopal and Mumbai. In near future the index will be raised to 63 cities in India. In case if a person living in Mumbai wants to know about the real estate prices prevailing in Mumbai, the first idea comes to his mind is to consult a real estate agent.
And the agent over there will provide you the various rates prevailing over there. Now from the incorporation of NHB there is no need to depend on those agents for any such information's. The housing details available on the national housing board will provide you the absolute information on the prevailing market prices on all the cities that are covered in the projects. NHB not only ease the work of the individuals that willing to know about the details of market prices, along with them they also reduce the work load of different stake holders, such as government and administration, private builders and developers, policy makers and also the officials of housing finance industries. NHB residex is also used to evaluate the shift in the value of housing stock over a certain period of time and also to determine the gap found between the actual and reported market prices of real estate in different locations.
State government and the local administration can use in phrasing policies on various legal issues related to property tax, housing registration, property evolution etc. housing finance industries can also use the NHB residex to identify the areas where the demand for the housing is likely to get increased in near future. Even the builders and real estate developers can also NHB for the same above mentioned subject. A flip through the index will disclose the increasing trend of property prices in the cities covered under the elementary stage of this project. While the real estate prices in major of the cities have recorded a two fold growth, the property price in Bangalore during the period in review have recorded a three fold growth. In the near future the NHB residex will be made more representative of the actual trend, as it is scheduled to be updated every six months with data collection to be done on a monthly basis.