National Association of Realtors (NAR), an apex organisation of real estate brokers in the country, is working towards developing a live property valuation index, which will become the benchmark for real estate deals in the country.
NAR President Ravi Varma told TOI that the brokers’ body has almost concluded talks with the National Housing Bank (NHB) for development of such an index. The NHB is the norm-deciding body for all housing finance institutions (HFIs). We will soon formalise the arrangement and start developing the index for which data collection is already under way, Varma said.
Under the mandate from NHB, the brokers body will develop Residex which will be an index similar to the stock exchange index that will reflect the valuations of home properties in different locations across the country.
More : timesofindia.indiatimes.com
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