About NHB Residex
Residex is a housing price index updated quarterly by National Housing Bank (NHB). NHB, the Apex level housing finance institution wholly owned by Reserve Bank of India (RBI), regulates activities of housing finance companies (HFCs) in India.
NHB Residex tracks residential property prices in 26 JNNURM cities with the starting index value of 100 and 2007 as the base year. Residex tracks prices over a period of time by dwelling size (small / medium / large) and location (city / zones / locations). Data on housing prices is collected from diverse sources such as survey of real estate agents, CERSAI registry and housing prices being collected from banks & HFCs based on home loans sanctioned by them. The data is then put through a model that produces the index. The index has been constructed using the weighted average methodology with Price Relative Method (Modified Laspeyre’s approach).
Residex can be used by policy makers, home buyers, banks & HFCs, builders and developers.
- For buyers and investors, the index helps them compare prices between cities in India and across various localities within a city of their choice. Further, investors can identify emerging housing markets and trends by looking at the price movements each quarter.
- For lenders, residex helps in estimating the value of the property being financed.
- For developers and builders, it helps in assessing the demand for housing in various city locations.
Housing prices for the following India cities are being tracked currently:
- Delhi with NCR