Predicting the Rental Values of Houses in Bangalore City Using the Linear Regression Approach

Abstract

Abstract: In recent years, Karnataka, one of the hotspots for real estate development, has seen an increase in demand from prospective home buyers and investors and is expected to witness further boom in the sector by 2020. What things should a potential home buyer consider before purchasing a home? Location, property size, proximity to offices, schools, parks, restaurants, hospitals or the stereotypical white picket fence? And the most important factor — price? Now with the lingering impact of COVID-19, enforcement of the Real Estate (Regulation and Development) Act (RERA) and lack of confidence in developers in the city, apartments sold in India fell by 3 percent in 2019. In fact, property prices in Bengaluru fell by nearly 5 percent in the second half of 2019, according to a study published by real estate consultancy Knight Frank. Buying a house, especially in a city like Bengaluru, is a tricky decision. While the main factors are usually the same for all metros, there are more to consider for Silicon Valley in India. With the help of the millennial crowd, vibrant culture, great climate and plenty of job opportunities, finding out the price of a house in Bengaluru is difficult. This post reflects an effort to solve the mentioned problems. In this paper, the authors have tried to develop such a system which in turn will provide a very accurate prediction of house prices in Bengaluru city. The authors have tried to create a user-friendly interface design that will allow users to choose options according to their requirements and get an estimated house price according to their needs.