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Introduction

Real estate price index (REPI) is a valuable tool for countries in assessing and valuing real properties. Valuations of real properties are used for different purposes - acquisition and disposal, mortgages, taxation, land and property management, among others. Most countries however do not have an established system of real estate prices. In fact, there is no international standard practice for real estate pricing at present.

This paper discusses the development of REPI in Indian context, its need and benefits to different users. It also considers the strategic issues that arise in connection with the future evolution of statistics on real estate prices and argues for the development of a conceptual framework based on a systematic analysis of user requirements in India. Such a framework can then be applied to form a REPI depending on the amount of data available from the national sources. It then lays down the structure of the possible REPI that India can adopt and different issues involved with construction, maintenance and governance of Index. In the end it also discusses the future of REPI, taking a clue form the developed markets.

Real Estate Scenario in India

This is just an indication of the extent of real estate development taking place.

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* Contributed by: -
Rahul Abrol & Rahul Gulati,
MBA - IInd Year,
Institute of Management Technology, Ghaziabad.