Data obtained directly from banks and housing finance companies are considered to be more reliable source of information for monitoring real estate prices. An RBI appointed expert group said such data be collected from the top 13 centres such as Greater Mumbai, Chennai, NCR Delhi, Bangalore, Hyderabad, Kolkata, Pune, Jaipur, Greater Chandigarh, Ahmedabad, Lucknow, Bhopal and Bhubaneswar as these centres are offer a fair regional picture. Most of the banks have real estate property prices indices as they actively provide mortgage and real estate loans, the group said. The Group has also recommended that real estate price index should be compiled in quarterly intervals to capture property price movements on a more frequent basis.
The committee has recommended that while sale and resale prices can be compiled from data from banks, the house rent data be compiled from the official data on house rent index of CPI (Urban) released by CSO. The RBI had set up the committee as lack of transparency in the residential property market transaction, absence of a single centralised regulator, and limited availability of price information were making it difficult to keep track of real estate prices and their subsequent impact. The committee had to develop an information system on asset prices.
The Group has recommended that an annual survey be conducted to supplement the data from banks to ensure the robustness of the data available with the banking system. In its report, the committee has said that RBI should track both sale/resale price index as well as the rent index of real estate prices on a regular basis for effective monitoring.
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