The Reserve Bank of India (RBI) reports the House Price Index in India. Now, this data is obtained from actual property dealings collected from a few cities. So, let us understand the meaning of house price index India. After reading this answer on what is the HPI, you will know how the price of a property is estimated.
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A house is a long term asset that provides shelter to us. Having a house is a support that can offer a massive amount of wealth in a financial crisis. Purchasing a house also requires a vast amount of resources. Most of us opt for a home loan to buy a house. The Reserve Bank keeps track of the House Price Index in ten major cities including Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Lucknow, Ahmedabad, Jaipur, Kanpur, and Kochi.
As per the records shared by the state government's registration authorities the official data of property transactions is established by RBI.
The first official housing price in India is called NHB Residex which was launched in July 2007 in Mumbai. This initiative was taken when it was requested by the Ministry of Finance.
The NHB Residex is responsible for measuring the price of residential buildings on a quarterly basis. This is done to bring awareness and transparency to the real estate market. This is what is house price index is known as.
I hope you find this answer on house price index India informative.
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What is house price index?
Dipika
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2 Year
2022-05-27T09:55:10+00:00 2022-05-27T11:51:08+00:00Comment
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