nhb: NHB is looking for an agency to collect data on unsold residential units in 50 cities

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The National Housing Bank (NHB) is looking for an agency to collect data on unsold properties – both under construction and move-in ready – in 50 cities from builders and developers for the calculation of its key price index. NHB RESIDEX, India’s first official Housing Price Index (HPI), 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 to obtain data on unsold properties for the calculation of the HPI@ Market Price for Properties Under Construction for NHB RESIDEX.

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

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

Although NHB and the Reserve Bank of India (RBI) have property indices, 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 the indices provide more recent data and also do so for micro-markets. Such indices can help homebuyers in decision-making as well as other actors in the real estate market,” Goyal said. .

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

According to Real Insight (Residential) – July-September 2021 – from PropTiger, builders in India had unsold stock consisting of 7,20,519 housing units across the 8 major residential markets as of September 30, 2021.

The RFP 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 inventory, units sold and additions to stock on a quarterly basis for the 50 cities individually as well as for all of India at an aggregated level .

A detailed report of the blocked projects along with the reason for blocking and the number of units sold and unsold in the blocked projects on a quarterly basis must also be provided by the selected entity.

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