By Accommodation Times News Services
The Housing Start Up Index (HSUI) results was released today by Ministry of Housing and Urban Poverty Alleviation (M/o HUPA), and Reserve Bank of India. HSUI, an indicator of volume of construction in the housing sector during a certain period, was released covering 27 cities across the country. This was the Pilot project initiated by the government to find the indicators of economic growth relating to various sectors such as banking, mortgage, labour, steel, cement and paint.
At the event Dr Girija Vyas, Minister, M/o HUPA, presided over the function. Senior officials from Reserve Bank of India, Secretary, Ministry of HUPA and Chairperson of the Technical Advisory Group of HSUI, Dean Jawaharlal Nehru University, Prof Amitabh Kundu, Director General and CEO, NSSO, Director General, CSO, were the release present during of the Pilot Index. In her key note address Dr. Vyas spoke about the macroeconomic linkages of the housing sector due to the spillover effects on nearly 254 ancillary industries and the contribution of this sector to about 10% of the GDP and the resultant significance of the HSUI in being a key macro economic indicator. The Minister also said that this is the first of its kind, initiative in the country, making India only the 7th in the world, to have such an index.
Highlighting the findings, Dr. Vyas said that the interesting trend in the results of the Pilot Index which showed a decline in housing starts in million plus cities such as Kolkatta, Chennai and Bangalore and a rise in smaller cities such as Ahmedabad, Bhopal, Hubli, Dehradun, Sangli, etc. Such trends are useful indicators of the pattern of development, in our country, which in turn helps policy makers and administrators to understand the future focus and thrust areas not only in terms of housing provision, but all the associated infrastructure and civic amenities required, she said.
Dr Vyas also urged all the policy makers, technocrats, bureaucrats and academicians, to reflect and brain storm, then if required iterate and revalidate the methodology adopted in formulation of this index.