TECHNICAL FIELD The present invention relates to creation of (i) new property price index namely 'Comprehensive Real Estate Price Index' indicated as 'CORPEX' (ii) new synthetic investment instrument in real estate market namely 'Property Index Based Derivatives Instruments [PIDI]', and (iii) creation of an market for the property derivative products namely 'Online Property Derivative Exchange , indicated as 'OPDE', to facilitate synthetic investments which have the advantages of hedging the risk, helps to take a view on the future direction of the market, to lock in arbitrage profits, facilitate speculation, and increase liquidity in the underlying physical property market. In a nutshell, under this patent application, comprehensively the present invention will be classified as 'OPDE'. BACKGROUND ART The invention more particularly relates to "Online Property Derivatives Exchange [OPDE.]" which will facilitate an online trading platform for Property Derivative Instruments based on "Comprehensive Real Estate Price Index (CORPEX)" which is proposed to be constructed keeping property spot prices as underlying. The role of Property Index futures trading is to diminish the speculative direct investment in the physical real estate and to thereby increase hedging long ie., physical supply of real asset for investors who have a physical need for acquiring the property in the physical market. Investors, who do not have a physical need to buy or sell a property, do the same to take advantage of fluctuations in property prices to make money. So, if a suitable synthetic market is available for them to trade and make money based on real estate prices, they would move away from the physical markets. Hence, we have invented a synthetic derivative market based on CORPEX, whose value is compiled using physical prices of property. Investors who aspire to invest in derivative synthetic instruments such as CORPEX Futures, get the same benefit that is available in Physical real estate market, escaping from the difficulties of making a direct real estate investment. This will ultimatelv ensure free flow of supply of properties and will have a price for the property that truly emerge out of hedging activity ie., buying and selling by parties who have a physical need related to the property. PRIOR ART In India, existing real estate investment avenues can be broacily classified into two categories viz., Direct Investments and Synthetic (Indirect) Investments. Under Direct Investments, investors directly invest (buy) their money in the physical residential, commercial or other properties. They profit out of this investment through rental income and market value appreciation of the property. Direct investments are risky, difficult to manage, require a lot of due diligence, and expensive taxes and transaction costs. As an alternative to direct investment avenue, there is an existing synthetic (indirect) investment alternative where the investors do not directly invest in physical properties but show interest to invest in the equity shares/bonds of companies which are into property development and property management business. Under this option, investors earn income through dividend, Interest, and capital appreciation on investments. If the returns from both Physical and Synthetic investments go together, there is a strong probability to expect that the existing synthetic investment instruments could be a close substitute to make profit in the property market instead of investing in the physical form. But, in the present scenario of Indian real estate industry, such possibility is remote since the returns out of direct and existing synthetic real estate investment avenues are negatively correlated. There is no strong evidence in Indian market that could advocate for the use of existing Synthetic (Indirect) investment instruments as a close substitute for the Direct Investment. The Return on Investment (ROI) in existing synthetic instruments of Indian real estate property companies is typically more volatile than indices of direct property investments and are highly influenced by general equity & bond market factors rather than the direct property investments. A study (Mnthupandian.B & Vehmmigan.PS, 2013) on "The Inter-relationship between the Indian Real Estate Direct & Synthetic (Indirect) Investments" statistically revealed that, the direct real estate investment avenues are showing bullish trend; whereas the synthetic investments are continuously showing bearish trend. If both markets go together, investors can strongly believe that the synthetic investment instruments could be a close substitute to book their profit in the property market instead of investing in the physical form. But the present Indian real estate scenario is reverse as direct and synthetic real estate investment avenues are negatively correlated. There is no strong evidence to use the existing synthetic (indirect) investment instruments as a close substitute for the direct Investment in Indian Property Market. The results also confirm that real estate indirect investment avenues (i.e. Investing in the equity / bonds of Property development companies) follow the general equity & bond market trends instead of reflecting the Direct Property Market. SUMMARY OF INVENTION The fundamental characteristics of Property is that it is (i) a heterogeneous asset due to its uniqueness of location and idiosyncratic risks (ii) very low turnover in the market due to high production costs and time-consuming work associated with property development which leads to illiquidity in market (iii) prevalence of information asymmetries resulting in lack of transparency in the market. These are the core issues that hinder investment in property which in turn set high thresholds for prospective new investors. As a solution to bridge the gap in property related synthetic investment market, we intent to provide a property value based derivative instrument. But due to the inherent issues related to properties stated earlier, we cannot take independent property value as an underlying for our proposed property derivative based synthetic investment alternative. So, to solve the issue of not being able to use physical property value as an underlying, we intent to employ an 'Index' which is calculated based on property value. In developing property derivative instruments, the creation of indices that represents the underlying real asset is crucial. That is, the indices are constructed to reflect the property market of the country. Since a physical property is hard to split and sell in bits and pieces as one can do with companies through stocks, hedging risk is virtually impossible. Hence, property indices will be a suitable functioning underlying to our proposed property derivative instruments. Therefore, for having an exposure on the price movements of the property market without having to buy and sell properties, the only way is our proposed "Property Index Based Derivatives Instruments (P1D1)". For any asset to become an underlying asset for derivatives segment, it must satisfy three fundamental factors. ( Juerg M. Syz, 2008 ) First, the size of the market is sufficiently large, such that demand to buy and sell exposure should exist sufficiently to make a derivatives market desirable. Second, risk in terms of volatile returns is present, meaning that it makes sense to invest or hedge. TJiird, a credible index that is accepted as a common benchmark must exist in order to have a reference for payoffs. While Indian property market fulfils the first and the second requirements for making it as an asset for derivative segment, there is small issue related to the third requirement i.e., a credible property index. Properties have various distinctive characteristics i.e. location, size, number of rooms, occupancy, age, etc. This heterogeneity of the properties translates into different sub-markets, various turnover rates, and prices. It leads to difficulties in analyzing property prices which are less frequently observable. In a perfect market, price movements of homogenous goods are directly observable. However in a heterogeneous market like real estate, the price movement in the market is linked to high transaction costs, low liquidity, government intervention and opaqueness of dealings. It is a complex issue in observing the actual price movement of real estate markets which leads to the difficulty in constructing real estate price indices (Chan, Wong et al. 2005). Building a model for accurate measurement of the property price movements is vital for construction of property index. The main problem for constructing a CORPEX is the indivisibility ol Quality changes. Quality changes takes place in a rapid phase which pose a fundamental problem in constructing a robust price index that measures only the pure price changes over time. Separating pure price change and the quality change components from the total price change is a major challenge for constructing a Property Price Index. The data that an index consists must naturally have a high level of accuracy to be of any real use in the index. The basis risk is the risk that a single item included in the index will diverge from the index. The accuracy, and basis risk, is partly dependent on the choice of items included in the index (that they have fairly similar characteristics), and partly to the number of items included [the base). The more items it includes, the closer it will represent the average item in the population (representativeness), and the more providers of data, the harder the index becomes skewed. This clash with another characteristic in indices ie., frequency, since it takes time to collect and isolate this sort of data, especially when dealing with Property index based asset class which has so many singular characteristics. A frequently updated index is always preferred by investors as it better reflects the underlying market and its price movements. The higher the frequency is the shorter the time floating between two index points. That period between index updates are crucial to derivative investors, since the longer time in between updates, more will be the uncertainty, and thus also risk, it gives rise to. For which, the price data must be standardized in orcier to neutralize the effect of variations in the property. It will make the property market more tangible and traceable. Generally speaking, there are two different types of index, appraisal-based and transaction btisctl, with each having its own advantages and drawbacks and where each fit certain criteria but not all. The Appraisal Based indices have been constructed based on the approximated value of the properties which is reflected in the market. These approximated prices are usually derived from the combined use of cash flow methods based on income generated by the property and comparison between the appraisal subject and registered sales of comparable properties in the neighborhood. According (Geltner,l 991)'As the input data for appraisal-based indices are subject to the drawbacks associated with individual valuation, an element of smoothing may be present in appraisal-baseci indices. The Smoothing effect on the index is the unwillingness showcased by market participants to sell at a loss, which give rise to so-called sticky prices. In a bear market, asset managers tend to try to postpone property sales because of a pre-conceived notion of what their property is worth. This makes the price correction of property in a downturn economy lag behind what would be natural. The results of individual appraisals thus incorporate a certain "between-thumb-and-forefinger" uncertainty which coupled with the fact that different methods of valuation will produce different values, entails that appraisals very rarely forecast the true price of the property exactly. This quite naturally raises the question as to how well an index based on appraisals will reflect the physical property market. The transaction-based type is widely accepted as the type gives the most equitable reflection of price movements on the underlying property market. Of course a most preferable way of constructing indices as per definition, will ensure representativeness, objectivity, transparency and actuality in the pricing. Transaction-based indices track and plot prices on property sold as long as the amount of transactions on a market can support a regression analysis of the prices by using hedonic method, which incorporates weighted qualitative parameters. The theory behind the hedonic method is that certain features of a property such as, elevators, balconies, age etc., will affect the property price. By weighting these parameters according to their relevance and value to buyers, then applying them to a standardized price for a certain property type, one can arrive at a more accurate price than by just looking at the property type and location. The popular hedonic method allows for such perfect standardization. It assumes that market prices of traded properties contain information about the valuation of the attributes oi the properties. Therefore, we plan to construct the Tnvisaction -Based Real Estate Index by 1 Gelhwr, D, Smoothing in Aprpaisal-Based Returns, journal of Red Estate Finance and Economics (7), 1991 employing hedonic regression technique. This technique decomposes a property into single attributes that are valuable to buyers, e.g. size in square meters, location, age of the building, proximity to a large city and other amenities in and near the property and so on. This kind of Transaction-based index is not only act as the proxy for measuring the market performance and also would help further in rationalizing and strengthening the revenue collection of Stamp Duty, Property Tax, Capital Gains Tax etc and develop synthetic investment products like, Real Estate Price Index based futures and options. In Indian property market satisfies all the condition mentioned by Juerg M. Syz. It has enough size of market transactions, in terms of volatile returns to make sense to invest or hedge. Indian property market do have existing real estate indices viz, the National Index for Real Estates 1'vices in the name of Residential Price Index (RESIDEX) launched on July 2007 by National Housing Bank under the direction of Ministry of Finance, Real Estate Sensitivity Index (RESSEX) launched by the Mumbai based Real Estate research firm Liases Foras on 18th November 2009, National Property Index (NPI) lauched by leading online property portal namely, www.magicbricks.com during the year 2011, followed by Prop Equity Index laucnched by New Delhi based real estate analytics firm M/s. P.E. Analytics Pvt.Ltd., which is the first residential and commercial index based on transaction prices covering 40 major cities in India. In spite of the availability of above mentioned real estate price based indices, these existing indices are failing to fulfil the quality of an ideal "Benchmark Index" in the following respects. Firstly, real estate markets are generally classified into two broad categories namely, primary market and secondary markets. In the primary market the buyer buy the property, mostly newly built, from property builders / developers. But in the secondary market, buyer buy the property from the owner of the property, mostly an used one. The RESIDEX, RESSEX and NPI indices mentioned above are considering only the primary market segment alone. But an ideal benchmark index should act as the barometer of the entire price movements of the both primary and secondary market segments. Secondly, the data source of those indices do not meet the requirements of an ideal benchmark index as price series of properties are compiled from various sources for the purpose of index construction. Here, it is important to note that the stage in the timeline of transactions at which the information is collected is important. Property's offer price in the advertisement / original communication of the party would vary from the final negotiated settlement sales price. This in turn would be different from the amount declared for mortgage and may include fees and exclude cash contributions. The statistical accuracy of the Housing Price Index (HPI) depends on appropriate quantity, price data & weights. But in India the data provided by housing finance institutions, property registration office, property-based tax authority database, largely clientele/tax paver provided, & recipient/user having no full-fledged price validation system (Lall 2006). The Indian real estate market is notoriously opaque in the sense that even basic information such as transactional prices is not easily available. Recording of secondary market transactions are done bv local municipalities with little consistency or coordination in the data being collected, and are not always made publicly available. Information on primary market activity, such as housing, are now available only for selected urban centres. This is available through private vendors whose reliability is less than what the Government can provide. Current property listings are loosely made available through a network of property portals and brokers and are not systematized such as the Multiple Listing Service (MLS). Therefore, investors are further handicapped by the fact that reported transaction prices are almost always lower than actual prices because of widespread underreporting to pay less taxes/duties that are payable to the government. Taking into consideration the drawbacks listed above in the existing real estate price based indices in India, we have proposed a new transaction based Comprehensive Real Estate Index [COREX]. This index is constructed based on the Online Property Spot Market Price and Non-Price Information which is captured and pooled from the Online Property Exchange's Market Surveillance Server (MSS). The CORPEX is proposed to be constructed by team of professionals and published at high frequency intervals in leading print and electronic media. This will reveal the exact property settlement price and non price information. Frequency of public disclosed index value and the computational dilemma to construct the property index(i.e. heterogeneity and indivisible of quality changes) will be decomposed using the hedonic regression. According to Lancaster (1996) the theory ol hedonic price functions laid down the theoretic foundation for the analysis of differentiated goods and each individual characteristic can be implicitly priced. Therefore we used the Hedonic Regression adopting the following non pricing explanatory variables in the three influential dimensions i.e. Structural attributes, Neighborhood attributes and Location attributes of the properties to compute CORPEX. Therefore, the CORPEX will possess the all the required virtues of the ideal benchmark index (i.e. representativeness, adequacy, transparency and actuality in the pricing information) to represent the spot market transactions. Based on the Property Index i.e. CORPEX we have proposed a new derivative based synthetic investment model" i.e. Property Index Futures, which will function as a perfect substitute to the physical real estate investment. This proposed synthetic (Indirect) real estate investment instrument will facilitate investors to gain easier access to real estate related investment with low transaction cost. Further it will provide adequate liquidity with diversification facility, and will also enable to benefit from a falling market. The "Real Estate Derivatives Market" will facilitate trading in instruments such as Property index futures, which has property spot prices as underlying represented by CORPEX. This values in the proposed OPX Spot Market Property Index i.e. CORPEX will fluctuate based on their underlying assets (i.e. Property Spot Market Price). This CORPEX is the underlying asset for new derivative synthetic (indirect) investments such as Property Index Futures, which can be traded through our proposed Online Property Derivatives Exchange (OPDE) in much the same way as that of stock index spot and futures trading. Certain critical factors play a major role in property pricing in the property derivatives market. Firstly, properties such as house, factory, and office etc., are indispensable assets in one's life as they are vised as a place to live, manufacture, and work respectively. In short, "Land" is the base for a nation's economic activities. Hence, abrupt price fluctuations, such as the steep rise in property prices will have a tremendous negative effect on the nation's economy. If there is excessive volatility in the property spot market, than it will be more unfavorable to the economy compared to other assets. Therefore, with regard to property derivatives, it is important to fully analyze the extent to which price fluctuations in property derivatives have an influence on the spot market. The second factor is regarding the features associated with a property. The features that are attached with a property, as an asset, do not exist in other property which creates uniqueness for a property. Tliird factor is liquidity in the property market. Liquidity in physical property market is very less compared to other financial assets since properties are not traded as frequently as financial products like equity, commodity, currency etc., The fourth factor is that, when we think about the property derivatives instruments are insurance for future property price fluctuations. The investors of the property derivatives markets are receive rewards by undertaking the short-term volatility of property prices whereas most of the traders are likely to be involved in property derivatives market primarily as hedgers. In this sense, we believe it is absolutely important to establish a property derivatives market that enable an effective hedging function. Specifically for the four reasons mentioned above, we believe it is extremely important to have a property index based derivatives market. It will further ensure more liquidity into tire property market by developing proper market conditions and will facilitate establishing a market that will meet the needs of a large number of market participants. The proposed property index based derivatives (Synthetic) investment opportunity comes with a number of advantages compared to the conventional real estate direct (Physical) investment: a) Facilitates efficient risk sharing/risk allocation: The property derivatives do not reduce the risk of the property market. Instead, it adds specific payoff to the property portfolio. By this, risk allocation among investors can be efficiently achieved, making risk allocation in the overall economy and risk sharing among investors possible. Through of the proposed property derivatives it is possible to share property risks with domestic & overseas market participants. This enables efficient risk sharing as well as contributes to the globalization of the property market. b) Facilitates sustainable & steady capital inflow to property market: In general, banks which wish to hedge the risk that arise out of extending residential mortgage loans, choose to hold back further lending, if the risk is increasing. As a result of this, the capital inflow into the property market will decrease when the risk increases. Therefore, stable financing is impracticable when property prices fall. Under these circumstances, the introduction of property index based derivatives market will enable lenders / debt providers with a means of hedging their risks and enable stable capital inflow into the property market. This will facilitate sustainable and stable growth of property and property securitization market. c) Facilitates insurance function: Property portfolio risks are classified into two types. Viz., Unsystematic risk that can be eliminated by diversified investment strategy and the Systematic risk which cannot be avoided as it is created by the factors influenced by the overall economy. This systemic risk can be managed with the help of property index based derivative instruments. Hence, the proposed property index futures perform the role of insurance by facilitating hedging systematic risks in a propertv investment. I.e., It will be possible to share risks, which are currently unevenly distributed, throughout the economy. d) Facilitates investment at lesser transaction cost: The cost associated with Property Derivative instruments is much lesser like that of futures and options on underlying such as equity and commodity. As it is enough to take position in the derivatives market with margin money, it will facilitate reduction of transaction cost compared to physical investment in property, which will be marked to market everyday and attractive for investors in Property Derivatives. Reductions in transaction costs will increase transaction opportunities, enhance market liquidity, and increase asset operational utilities. In addition to this, property derivatives such as property index futures may be an attractive hedging/speculative tool for property funds and may contribute to stable growth and expansion of the property securitization market. e) Facilitates transparent price discovery mechanism: Hedging and speculative trading through Property derivatives happen with an expectation of the future prices of the underlying assets. They also provide high level of liquidity due to active and free trading. There is also the possibility of arbitrage opportunity as arbitragers can bring equilibrium in price by simultaneously trading between physical and property derivatives market. All these have the effect of preserving a transparent price system in the property market. f) Facilitates policymaking: Since derivatives products are priced incorporating forecasted futures information in the derivatives market, they are more accurate which will be useful for policy makers, compared to backward-looking approach using only past statistics. Therefore, regulators can make policies more appropriately by properly using price information generated from property derivatives market. g) Facilitates reduction of speculative trading in physical market: Further, the proposed property index based derivative trading will diminish the speculative direct investment in real estate and thereby increase its supply in the physical market. That is, investors who aspire to invest in the proposed derivative synthetic instruments, derive the same sort of benefit that is available in physical buying and selling of properties, without facing the difficulties in the physical real estate investment. When investors move from physical investment to synthetic investment, there will be more availability / supply of physical properties in the market and which in turn will keep the price stabilized in the underlying market. BRIEF DESCRIPTION OF THE DRAWINGS The property index based derivatives trading will happen through standardized contracts trading in the proposed Online Property Derivatwes Exchange (OPDE) keeping COREX as the underlying. CORPEX is constructed out of property prices taken from Online Property Spot Exchange.[Patent Pending]2 There is good demand for synthetic investment instruments in real estate market where investors are looking for an apt instrument that would mitigate them from property market volatility and plunges. The various factors are playing a vital role to determine the mode of indirect investment in real estate such as level of industry understanding, amount of investment, risk appetite, cash flow expectations, expected return, etc., but based on the available avenues for real estate indirect investment in clearly shows that, there is not a enough space for retail investors, even though they have little change to invest on real estate stock; it doesn't much diversified compare to other avenues, in overall the these investment instruments are not publicly listed and there is no safeguard mechanism for property market downtrends. Therefore, the existing and prospective investors are expecting the Synthetic Investment Instrument in real estate market with the reasonably ticket size, benefits of diversified, high liquidity and safeguard themselves from the property market volatility and plunges in Real Estate Market. This demand would ensure liquidity for the proposed property derivatives instrument. Trades and Settlements are the proposed model will be executed through Electronic Order Matching System based on the Electronic Date & Time Stamping by a single centralized intermediary OPDE, which will have nationwide members (i.e. registered brokers and sub brokers). The features of the invention will appear more fully upon consideration of the illustrative embodiments now to be described in detail in connection with accompanying drawings wherein: FIGURE # 1: is a block diagram for the Eco-system for the proposed Online Property Derivatives Exchange, which consist the institutional supports for Online Property Derivatwes Exchange (OPDE); FIGURE # 2: is a functional block diagram to illustrating the Properties' Price and Non - Price Information Disclosure through Online Property Exchange (OPX) Market Suweillance Sewer (MSS). This diagram picturize the entire operations of this invention; FIGURE # 3: is a functional block diagram demonstrate, the Centre for Properties Data Analytics from where Structural, Neighbourhoods and Location attributes of the properties traded through Online Property Spot Exchange (OPSE) will be obtained for computing the CORPEX. This diagram picturize the entire operations of this invention; FIGURE # 4: is a functional block diagram illustrating typical actions, market participants' registration process which is to be performed by the Online Property Derivatives Exchange (OPDE). This diagram picturize the entire operations of this invention; FtGURE # 5: is a functional block diagram illustrating emblematical trading & Settlement, which is to be performed by the Online Property Derivatives Exchange (OPDE). This diagram picturize the entire operations of this invention; DETAILED DESCRIPTION This proposed Online Property Derivatives Exchange (OPDE) is a virtual market where buying and selling of the property index based derivative contracts are matched through Electronic Order Matching System based on the Electronic Time Stamping and the exchange will act as the Counterparty for providing the guarantee for settlement of the contract (i.e. evades the counterparty risk). The OPDE will provide order matching and the trade execution for buying and selling orders placed by the members (i.e. registered brokers and sub brokers) of the OPDE. Individual investors' buying and selling orders through Virtual Private Network (VPN) or internet driven electronic online screen of the members will be sent to the OPDE on real time basis. The OPDE matches buy orders with sell orders based on the Electronic Tune Stamping and execute the trade, report the trade as requirement by government regulations, and will send confirmations of the trade executed to the respective buyer and seller. The OPDE will transmit market data to the members. The market data includes, inter alia, bid and asks prices, as well as data regarding the COREX. The CORPEX is generated by capturing the Price and Non-Price information (i.e. Structural, neighbourhood and location attributes) of properties daily traded through the Online Property Spot Market (OPSE). Comprehensive Real Estate Index [CORPEX] is constructed based on the Online Property Spot Market Price and Non-Price Information; which is captured and pooled up from the Online Property Exchange's Market Surveillance Server (MSS). The computational dilemma to construct the property index (i.e. heterogeneity and indivisible of quality changes) will be decompose bv using the hedonic regression. According to (Lancaster, 1996) the theory of hedonic price functions laid down the theoretic foundation for the analysis of differentiated goods and each individual characteristic can be implicitly priced. Therefore we used the Hedonic Regression by using the following non pricing explanatory variables in the three influential dimensions 1) structural attributes, i.e. building material, floor space, number of bedrooms and bathrooms, timer structure, age of dwelling, floor level, directum, and outside appearance etc.,; 2) neighborhood attributes, i.e. dwelling maintenance and management service, parking, safety, surrounding parks and leisure facilities, composition of neighbours in terms of ethnic, racial, age, educational background etc., 3) location attributes, i.e. distance to down town, main business area , travel and shopping convenience, and accessibility to subway/underground and public transportation systems of the properties to compute CORPEX. CORPEX index are constructed based on the rolling month hedonic regression model with two stages approach. Diewert (2010) tested out the rolling window approach using some of the data for the town of "A" and found that it worked well; this approach generated indexes that were very similar to those genera ted by a single regression over the entire sample period. First, one chooses a "suitable" number of periods (equal to or greater than two) where it is thought that the hedonic regression model will yield "reasonable" results; this will be the window length (say M periods) for the sequence of regression models that will be estimated. Second, an initial regression model is estimated and the appropriate indexes are calculated using data pertaining to the first M periods in the data set. Next, a second regression model is estimated where the data consist of the initial data less the data for period 1 but adding the data for period M+l. Appropriate price indexes are calculated for this new regression model but only the rate of increase of the index going from period M to M+l is used to update the previous sequence of M index values. This procedure is continued with each successive regression dropping the data of the previous earliest period and adding the data for the next period. The OPDE ecosystem is designed in such a way to facilitate investors who aspire to make synthetic investment to get the same benefit from the real estate sector without the difficulties of direct real estate investment and to use the instrument to hedge against underlying property market downtrends. Property derivatives trading will diminish the speculative direct investment in real estate and will increasing the physical supplv of real asset. Such increased supply of properties will keep the price stabilized in the market. Property index futures is an agreements to buy or sell a standardized value of a index at a specified price on a future date( i.e. settlement date). Actually the index may be composed of hundreds or even thousands of sectors are associated therefore at the time of settlement, it is impossible to make actual delivery of the index. But the industry addressed this problem by introducing the concept of a cash settlement mechanism. A cash settlement is actually quite simple. After establishing a long or short position, market participants are subject to a normal Market -To- Market (MTM) like any other intervals of index published, i.e., they pay any losses or collect any profits in cash. Subsequent to the final settlement day, positions simply expire and are settled at the spot value of the underlying index or instrument. The difference between the spot and the futures index on the date of settlement is the profit/loss for the players. For example, based on value of the CORPEX if the sellers of the property entered into three month futures contract at a price of ^. 600/- per Sqft. in the agreed sector) would be settle in after three months, on that date of settlement of the contract the cash value of the CORPEX were t. 550/- sqft., the buyer would pay t. 50/- Sqft. as a final cash proceeds to the seller for the settlement of the contract, if, the cash value of the CORPEX were t. 650/- sqft., the seller would pay t. 50/-Sqft. as a final cash proceeds to the buyer for the settlement of the contract. The parties to this transaction could be owners of property, renters of property, speculators, hedgers or any other interested parties. In this way, the index provides benchmark prices as well as a transparent and unbiased market, reflecting actual rates determined in the underlying market. The contract specification will be determined preferably in terms of months in the future, numbers of sq.ft per contract. Future contracts are standardized in terms of settlement terms ( the date and time that the contract will settle on a cash basis and against which index it will settle in each case) and contract size (the amount of the real estate contained in each contract). The futures contracts will represent the future value of the index as determined by buyers and sellers of futures contract. The buy orders, or bids, and the sell orders or offers, will be matched and the transaction will be executed online through Electronic Trading Platform of the Online Property Derivatives Exchmge (OPDE). The information relating to the price at which the Index Based Derivatives Instruments trade transactions will be available in electronic media on real time basis and in leading daily newspapers and other media . The trades are preferably cleared thorough a Exchange Clearing House (ECH). The OPDE will specify the original and variation margin requirement as well as position limits. OPDE will maintain a freely accessible data base on volume of trade transactions, daily/weekly/ fortnightly/monthly/yearly high and low price, and open - interest (the number of open buy and selling contacts existing in the market place for futures contract) to provide fully transparent market for real estate spot market transaction . The OPDE in accordance with the embodiments of the present invention provides an cash settlement based opportunity to hedgers, spread or arbitragers, and speculators to take position for mitigating their risk or take on additional risk. Apart from hedgers, arbitragers and speculators, many others will be benefited from the proposed OPDE. For example, if the owner of a property decided to sell this property (i.e. Seller of the property), he can hedge against the possible fall in the price of the property by taking an position in the OPDE futures market. OPDE will facilitate the property owner to take protection from a declining market by selling CORPEX futures at a price that will be profitable for him. In the same way, the buyer of the property will have the ability to protect themselves from an appreciating market in terms of buying CORPEX futures if the property of their choice is not yet available to them. Similarly property developers will have the ability to sell CORPEX futures. This will help them to negotiate financing arrangement with banks and financial institutions. By this, the market risk of selling the physical property by the developer on a hi hire date is reduced. Thereby the financier for the project will happily provide financing by looking at the expected future cash flow of the property and the developer's ability to repay the loan. In the same way, property developers can make use of selling CORPEX Futures in the OPDE to attract equity investment in their properties that are under construction. Other parties that will benefit from the establishment of the OPDE described herein are businesses that have anticipated additional space requirement in the future for expanding their business activities. Such business establishments will have the ability to buy CORPEX futures in order to hedge them against an appreciation of price in the market. Conversely, business seeking contraction that have anticipated less space requirement in the future will have the ability to sell CORPEX futures in order to hedge themselves against a declining property price in the market. In short, all parties who have an exposure in real estate prices will have the ability to offset their risk by hedging using the property index based derivatives instrument via the OPDE. Similarly, anyone who wish to take risk, may do speculative trades on the real estate prices through OPDE. This OPDE will facilitate to Buy or Sell CORPEX in specific sectors based on the information available to him on possible price movements in the future in the underlying market. In OPDE one can go long without purchasing actual physical property and one can go short without actually selling the property. Such mechanism for shorting is not available now in direct market. Portfolio managers will have the ability to spread risk from one sector against another using this OPDE. They will also have the ability to build position by utilizing CORPEX futures with other futures instruments which are highly correlated with the real estate markets and are readily available in the financial market, such as the market for interest rates, currency and others that are related to the economic cycle which affects these markets. The OPDE thus the opportunity to enter into many different types of transactions, as discussed herein below, such as hedging transaction by using the derivatives product. Hedging transactions would be effected by a hedger either for buying or selling of futures / option contract of the CORPEX to hedge their risk exposure in real estate investment. For example, a property developer wishes to secure the current market price of ^. 400/- per square feet in order to ensure reasonable rate for project, the investor could approach OPDE futures market or options market and Sell CORPEX Futures (or) Purchases CORPEX Put Options with the strike price of ^. 400/- per square feet in that specific sector. If the total extent of property developed is 1,00,000 square feet, than he would hedge 1,00,000 square feet at ^. 400/-. By this he can satisfy his lenders request to "lock in" the current market rates for the futures. If prices were to rise to t. 500/- per square feet in the future the developer would sell the property at the current market rate of %. 500/- per square feet to the buyer and square off his position in the OPDE market by covering his short position in the futures market or sell out his put option. Thus, the loss would be deducted from the ^. 500/- that he received from the buyer, giving him a net of minimum ^. 400/- per square feet. On other hand, if the price of the property were to decline to ^. 300/- per square feet, the developer would sell the property to buyer at the current market piece of ^. 300/- per square feet, and square off this position in the OPDE market by covering his short position in the futures market or sell out his put option. Thus, he would receive ^. 100/- profit from his hedge position and thereby have a net sale proceed of X. 400/- per square feet (i.e., ^.300 from selling the physical market plus ^.100 from hedging profit in the OPDE market). Suppose the property promoter had taken a loan for this activity, such hedging activity would satisfy his lender. Similarly, there is also possibility for hedging the risk of a home owner through OPDE. For example, a person owns of a piece of property that has appreciated significantly over his lifetime. Assume the home owner purchased 3,000 square feet of house at the rate of ^. 5,00,000/-, and the current market value oi the house is t. 21,00,000/-. The home owner anticipates to sell the property in two years hence through OPDE, he has the opportunity to lock in the current market price by Selling a CORPEX Futures at the rate of ^. 700/- per square feet (or) purchasing a CORPEX put options with the strike price of ^. 700/- which was representing 3,000 square feet (i.e.