BANKING AFFAIRS

Detailed explanation-1: -"Residex Index” is associated with Housing Prices. It was launched in 2007 by the National Housing Bank (NHB). Its purpose is to provide an index of residential prices in India across cities and over time.

Detailed explanation-2: -NHB RESIDEX, India’s first official housing price index, was an initiative of the National Housing Bank (NHB) undertaken at the behest of the Ministry of Finance, Government of India. The index was formulated under the guidance of a Technical Advisory Committee (TAC) comprising of stakeholders from the housing market.

Detailed explanation-3: -NHB RESIDEX, India’s first official housing price index (HPI), was launched in July, 2007, to track the movement in prices of residential properties in select cities on quarterly basis, taking 2007 as the base year.

Detailed explanation-4: -Based on the results of the study and recommendations of the TAG, NHB launched RESIDEX for tracking prices of residential properties in India, in July 2007 by Shri P. Chidambram (then Hon’ble Finance Minister).