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New Delhi, Jan. 17

IN order to help various stakeholders monitor the value of residential property prices, the National Housing Bank (NHB) has launched a project wherein it would index the residential property prices.

The indices would be prepared on a quarterly basis to start with, according to an NHB statement.

The project, called NHB RESIDEX, envisages compiling the indices for selected 10 major cities - - Greater Mumbai, Kolkata, Delhi, Chennai, Banagalore, Hyderabad, Ahmedabad, Kanpur, Jaipur and Patna. "These indices would be useful for various stakeholders like individual builders, housing finance industry as well as Government and policy-makers," stated Mr P.K. Gupta, NHB Chairman and Managing Director.

While individual buyers and builders can benefit by interpreting the indices to get an idea regarding demand and price movements of different types of houses in various regions and localities, the housing finance industry can use the indices to assess the likely demand for finance.

(This article was published in the Business Line print edition dated January 18, 2005)
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