Indian property portal makaan.com has launched a property index to provide information on movement in residential property prices.
According to a statement from the portal, data analysis for the the makaan.com property index (MPI) began in January 2009, and the index is based on minimum size of 20,000 data points each month. The MPI uses property prices as base and then factors in the supply and demand of residential properties for each of the cities covered.
makaan.com's business head and vice president, Aditya Verma, said the launch of the MPI is part of a broader mission to provide tools, information, and intelligence to property buyers and sellers.
While makaan.com claims this is India's first property index, it seems there were at least two in existence prior to its launch. Mumbai-based research company Liases Foras provides its "Real Estate Sensitivity Index", or RESSEX, with data dating back to 2006. India's National Housing Bank also launched its Residex housing price index in July 2007, and currently provides data up to June 2009.