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MHADA is setting up a statistical cell which will provide all kind of data on real-estate
The Maharashtra Housing and Area Development Authority (MHADA) is trying to create more transparency in the real-estate industry by accumulating a huge statistical database on prices, number of completed projects and number of projects which have received permissions, among other details.
"Data has always been an issue in this industry. We are trying to provide authentic and recent data to consumers. We are planning comprehensive data collection and utilisation through this cell. In the next six-eight months, the cell will be operational," said Sitaram Kunte, secretary, housing department, government of Maharashtra.
The cell will be headed by the joint director from the statistical department of the Maharashtra government. The State already accumulates data from different authorities on different segments. Recently the Reserve Bank of India (RBI) has initiated an exercise to set up a housing start-up index (HSUI) to track new residential projects in 31 major cities and measure the changes in construction activities.
The HSUI will cover new residential projects in all major cities including Delhi, Mumbai, Chennai, Kolkata and Bengaluru, among others. The National Housing Bank (NHB) tracks the movement of prices in the residential housing segment; the National Building Organisation is trying to provide an online data system on the number of buildings which have been granted permission.
The Maharashtra government's statistical database won't involve itself in primary data collection. As a part of the transparency move, it would accumulate data from various authentic sources, like the urban development authority would provide the data on the number of buildings being granted development permission; banks would provide data on home-loan offtakes; the registration department would provide the sales figures, the price trend and the number of leave-and-license agreements existing in a particular period.