HSUI, an indicator of volume of development in the real estate sector during a particular period, was launched on Monday covering 27 metropolitan areas across the country.
While the index has shown a decreasing style in the sector in million plus cities like Kolkata, Chennai and Bangalore, it has shown an upward development in small cities like Dehradun, Bhopal and Hubli, Housing and Poverty Alleviation Minister Girija Vyas declared while releasing the HSUI.
The first-of-its-kind initiative in the country is a critical indicator of economical growing relating to various sectors like banking, mortgage, labor, metal, cement and paint.
She said such fashion are useful indicators of the pattern of improvement in our country , which in turn helps policy makers and administrators recognize the upcoming focus and thrust areas not only in terms of housing provision , but all the associated commercial infrastructure and civic amenities needed .
"Internationally , only 6 developed regions - Canada , USA , Japan , France , Australia and New Zealand - are having real estate start up index on a regular basis and India is now the seventh country to have such an exercise ," she declared .
It was a lead project covering property activities in 27 metropolitan areas between 2009 and 2011. The index was launched in close co-ordination with Reserve Bank of India and National Sample Survey Organisation.
"HSUI will include 310 cities shortly. The involvement of this sector is all about 10 per cent of the GDP and hence, it will be a key macro-economic indicator. It helps both the private and government field in assessing the financial activities in the place. It will also benefit consumers and campaigners," she said.
There are 254 ancillaries which are regarding housing sector directly or indirectly like cement and metal. 30 million people are involved in the sector and Rs. 2 .48 lakh crore is estimated to be it is market size.
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