photo credit: nancyarora2020
India looks set to get an official new homes index for the first time in 2009 after the main bank asked for more data from the National Building Organisation.
The reserve Bank of India (RBI) has been trying to kick-start the real estate market with recovery measures including cuts in interest for some home loans.
But it now wants an indicator of how effective its measures are and has asked the National Building Organisation (NBO) to provide a start-up index from March next year.
According to the Economic Times, a senior source from the NBO said the index would be released every quarter once it had been developed.
The paper reports the index will also be helpful
“in assessing demand and supply situations in other sectors”
, like cement and steel.
Trade bodies such as the Associated Chambers of Commerce and Industry of India (Assocham) have previously called for greater state monitoring of the property market to measure the effectiveness of rescue packages.
The Indian Express reported yesterday that some real estate companies are planning to ask the government to buy some of their unsold apartments at current market prices.
The paper says sources told them the idea was to be discussed at yesterday’s Planning Commission meeting as part of a number of ideas to help struggling developers.
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