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Our Bureau

New Delhi, July 10

The Union Finance Minister, Mr P. Chidambaram, on Tuesday launched NHB RESIDEX, which is the first official index for housing prices in the country. This index has been developed by National Housing Bank, as a pilot for five cities in the country for five years 2001-2005. The five cities are Bangalore, Bhopal, Delhi, Kolkata and Mumbai. The year 2001 has been chosen as the base year in line with wholesale price index (WPI) and the consumer price index (CPI).

NHB RESIDEX covers different localities in each of the five cities for each of the five years.

This index has taken a representative sample of transaction prices covering houses in three categories LIG, MIG and HIG. The applications of NHB RESIDEX are expected to be manifold.

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