Minister for Housing and Urban Affairs M Venkaiah Naidu today released the new version of NHB RESIDEX on the occasion of annual day of National Housing Bank in New Delhi. The NHB RESIDEX captures movements in the prices of residential real estate prices.<br/><br/>Speaking on the occasion, Mr Naidu said the price indices for the last quarter of last financial year in 2016-17 proved wrong the critics of demonetization who said that economy will take a hit. He also said a correction in land prices is taking place which reflects the declining trend in transactions of unaccounted money.<br/><br/>Mr Naidu said, the number of affordable houses approved under Pradhan Mantri Awas Yojana Urban is over 20 lakh 95 thousand. He said, there is a shortage of 6 crore houses in the country both in rural and urban areas. He said, Real Estate Regulation Act, RERA will bring transparency in the real estate sector. Mr Naidu said, his ministry has asked all states to put in place regulatory mechanism related to RERA by 30th of this month. <br/><br/>The Minister said, he has been constantly following with chief ministers on the issue. He said, all the states have to approve the regulation, notify the rules, appoint regulators and operate regulatory authorities. Naidu said, all states have been sensitised to implement the spirit of the legislation passed by Parliament last year. He said, majority of the states have done it and remaining states will join in the coming days.<br/><br/>The Minister said, the regulations will not only help real estate developers but it will enhance credibility and increase acceptability. He said, it is regulation not strangulation and it will just monitor that whatever builders have promised have been delivered. Mr Naidu expressed happiness that no Non Performing Assets, NPAs were generated in NHB in the last 2 years. <br/><br/>AIR correspondent reports that the Residex revealed that prices during January-March, 2017 have increased over that of October-December, 2016, in about half of the cities covered under the survey while the other half have either registered a decline or remained the same.

Minister for Housing and Urban Affairs M Venkaiah Naidu today released the new version of NHB RESIDEX on the occasion of annual day of National Housing Bank in New Delhi. The NHB RESIDEX captures movements in the prices of residential real estate prices.<br/><br/>Speaking on the occasion, Mr Naidu said the price indices for the last quarter of last financial year in 2016-17 proved wrong the critics of demonetization who said that economy will take a hit. He also said a correction in land prices is taking place which reflects the declining trend in transactions of unaccounted money.<br/><br/>Mr Naidu said, the number of affordable houses approved under Pradhan Mantri Awas Yojana Urban is over 20 lakh 95 thousand. He said, there is a shortage of 6 crore houses in the country both in rural and urban areas. He said, Real Estate Regulation Act, RERA will bring transparency in the real estate sector.<br/><br/>Mr Naidu expressed happiness that no Non Performing Assets, NPAs were generated in NHB in the last 2 years. AIR correspondent reports that the Residex revealed that prices during January-March, 2017 have increased over that of October-December, 2016, in about half of the cities covered under the survey while the other half have either registered a decline or remained the same.