By Accommodation Times News Service
Revamped NHB Residex, the residential housing price index prepared by the National Housing Bank (NHB), will be ready next year, said Sriram Kalyanaraman, MD & CEO of NHB. The bank, a wholly owned subsidiary of the RBI, is in charge of the preparation of the index which tracks the movement of prices in the residential housing segment.
“We are revamping Residex, because we want it to completely reflect the market reality – we were going by averages, till now. Three things we will be doing now, with the first being a housing price of 26 cities. Second is the building material index and the third is the rental index,” Kalyanaraman said. “Initial calculations will be ready within six months’ time and it will take a couple of more months to check the data,” he said.
Kalyanaraman was in Kochi to conduct a workshop on Pradhan Mantri Awas Yojana (PMAY) – Credit Linked Subsidy Scheme (CLSS). NHB was appointed by the ministry of housing and urban poverty alleviation (MHUPA) as the nodal agency for implementing the CLSS vertical of the project.
On a cumulative basis, NHB has disbursed Rs 172 crore as subsidy to more than 8,000 borrowers. In Kerala, NHB has disbursed only Rs 1.13 crore since the starting of the project, and only 138 borrowers had availed the facility, so far.