NHB Finds Agency to Collect Data on Unsold Residential Units in 50 Cities, Real Estate News, ET RealEstate

NEW DELHI: National Housing Bank (NHB) is looking for an agency to collect data on unsold properties – both under construction and ready to move in – in 50 cities from builders and developers to calculate its key index price . NHB RESIDEX, India’s first official housing price index (IPH), was launched in July 2007 to track residential property prices in selected cities on a quarterly basis.

The housing finance regulator publishes two HPIs – HPI @ Appraisal Prices and HPI @ Market Prices for properties under construction for 50 cities.

NHB has issued a Request for Proposal (RFP) for the engagement of an external agency for the unsold property data source for the HPI @ market price calculation for properties under construction for NHB RESIDEX.

“For properties under construction and unsold in 50 cities, data should be collected from builders / developers,” he said.

Amit Goyal, Managing Director of India Sotheby’s International Realty, said that at present, real estate information and data, especially price trend and supply, is available in a fragmented manner.

Although the NHB and the Reserve Bank of India (RBI) have real estate indexes, they are not updated regularly and therefore do not reflect the most recent trends, he said.

He added that whenever they update the index, the time lag persists.

“It is important that indices provide more recent data and also do so for micro-markets. Such indices can help homebuyers in decision making as well as other stakeholders in the real estate market,” said Goyal.

According to Anarock Property Consultants, the current unsold inventory in the seven major cities stood at 6.5 lakh units during the July-September quarter. At the same time last year, it was 6.72 lakh units.

According to Real Insight (residential) – July-September 2021 – by PropTiger, builders in India had an unsold inventory of 7,519 units in the 8 major residential markets as of September 30, 2021.

The DP further stated that the data collected should include approved constructions (RERA registered or not) for residential apartments.

In addition, the selected agency will be required to provide a detailed report on the total number of unsold inventories, units sold and additions to inventory on a quarterly basis for the 50 cities individually as well as for India as a whole. .

The selected entity will also need to provide a detailed report on blocked projects along with the reason for the block and the number of units sold and unsold in blocked projects on a quarterly basis.

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