National Association of Realtors - India ( NAR-INDIA ) has signed a Memorandum of Understanding with the National Housing Bank ( NHB ) for developing a more broad based mechanism for the purpose of collecting information on housing prices for five cities namely Bangalore, Chennai, Hyderabad, Kolkata and Pune to start with for NHB RESIDEX, a subsidiary of the Reserve Bank of India on Jan 18th 2010 at New Delhi. 

NAR-INDIA is the apex all India association of real estate brokers and the NHB is the premier national level housing finance regulator of the Government of India.  This MoU aims at a public-private partnership wherein the real estate broker members all over the country who are members of NAR-INDIA would provide market inputs for the NHB developed RESIDEX, the official property price index of the country.  The signing of this MoU is a step towards generating authentic real estate information across cities in the country so that it helps in fair price determination and improved transparency in the business. On behalf of NHB, Raj Pal, principal advisor and on behalf of NAR-India Ravi Verma, president, signed the MoU