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Livability Index, Greater Transparency Ahead Concerning Property in India

Posted last March 7, 2017, 12:51 am in Real Estate report article

The livability index will first begin by classifying Smart Cities in India on the livability index. Cities that are not covered under the smart city initiative will receive a livability index score after Smart Cities have been successfully graded. Property websites in India shall be able to share a cities score on the livability index to draw attention to the quality of life in the city.  

The Index Will be Dynamic

Cities that are classified under the livability index shall not remain confined to a single score permanently; rather all cities with a livability index will be expected to earn a more favorable rating on the livability index. Competition between different cities shall be encouraged as it will not only lead to a more favorable rating on the index but shall simultaneously lead to the creation of better infrastructure in a city as well. Properties in India will benefit from the presence of the index, as it will lead to greater transparency in the home buying process across India

Composition of the Index

A city would be rated based on four different categories. The four main categories according to which cities will be ranked are Social, Institutional, Economical, and Physical.

Once the index is ready, there will be no questioning where the best real estate in India is found. Within each of the four mentioned categories there will be fifteen sub categories. The progress of the cities would be marked based upon these four primary categories and cities would be able to gain a better ranking on the livability index by improvements in the four categories mentioned.

Delving Into The Livability Index

While the different parameters upon which the livability index score shall be awarded are too numerous to be stated one by one, broadly there are seventy-seven parameters. Some of the important parameters that will be used to provide a livability score are the quality of the cities grievance redressal system, the air quality in the city, the reliability and quality of power and water supply in the city, the upkeep of historical buildings that lie inside the cities borders, the crime levels and tourist footfall into the city, quality of online services provided to the cities residents, quality of education in the city and traffic management on the cities roads. Property websites will gradually have to provide homebuyers with the livability index for the region where buyers are considering purchasing a property.

Conclusion

Real Estate in cities that score higher on the livability index will in the future command a higher price than will real estate in cities that are ranked lower on the index. Once the livability index is available online, property in India will benefit from greater transparency than it does today.