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Land prices have come down in the country, but more needs to be done on this front, Venkaiah Naidu, Union Urban Development and Housing Minister, has said.
"I will be more happy if land prices come down further. We still have a situation where land prices in, say, Vijayawada is more than Washington and New York", Naidu said in his address at National Housing Bank's annual day celebrations event here on Monday.
He indicated that corruption is happening when it came to land prices.
On the occasion, Naidu along with Santosh Gangwar, Minister of State for Finance and Bimal Jalan, former RBI Governor, launched the revamped NHB RESIDEX, which will now cover more cities (50 across India).
The scope of NHB RESIDEX is also proposed to be widened to include Land Price Indices, Building Material Price Indices and Housing Rental Index for enabling the stakeholders to have comprehensive view on housing and related indices, Sriram Kalyanaraman, Managing Director & CEO, NHB said.
Kalyanaraman said that NHB sees its revamped NHB RESIDEX becoming the gold standard of property prices in India.
Meanwhile, Naidu called upon the States to quickly frame rules under the RERA framework and appoint regulator for their respective States by July 31. "My third letter appealing to States to quickly do the needful for RERA is going today", he said.
Srivats.kr@thehindu.co.in
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