What is NHB Residex ?

NHB Residex: 

  • Residex is a housing price index updated quarterly by National Housing Bank (NHB).
  • NHB Residex tracks residential property prices in 26 JNNURM cities with the starting index value of 100 and 2007 as the base year.
  • It is designed by a technical advisory committee comprising Government representatives, lenders and property market players.
  • It 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.