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Housing.com-ISB launch Housing Pricing Index

Housing.com, along with Indian School of Business (ISB), on May 31 launched Housing Pricing Index (HPI), an indicator of economic activity in real estate.

The launch was done at a virtual meet attended by Union Housing & Urban Affairs Secretary, Durga Shanker Mishra and several industry bigwigs and academics

According to a press release, the HPI will provide monthly reports on price and quantity movement in various property markets across the country. It aims to serve as a tool that will track changes in residential home prices across eight major markets.

Speaking at the event, Mishra said: “The Housing Price Index jointly developed by the Indian School of Business and Housing.com has the potential to emerge as a good indicator of the country’s real-estate market health. The real-estate sector has been impacted due to the COVID-led slowdown and overall uncertainty. At this time, it is essential to track the growth via credible sources that will help authorities make quicker and informed decisions during such exogenous shocks.”

Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com, said, “Buyers as well as policymakers are mostly forced to rely on market anecdotes and guesswork about property price movements in Indian cities in the absence of quality high-frequency data, especially locality specific data. The entire idea behind the launch of the Housing HPI is to address this issue.”

Rajendra Srivastava, Dean, ISB, said, “This indeed is a step in the right direction, and we are sure HPI will go a long way in equipping various stakeholders take informed choices and, in the process, add more value and worth to their assets.”

Niranjan Hiranandani, National President, Naredco, said, “The prime objective to launch the ‘Housing Price Index’ in association with Housing.com and ISB is to bring transparency and narrow down the trust deficit between all the concerned industry stakeholders.”