Assessment of Bedroom Utility: Fuzzy Logic based Approach

Indian Real Estate industry largely remains affected by the speculative market. The prevalent practice of valuation of residential property (which is calculated on Hedonic pricing model) is majorly driven by the external characteristics (such as location, land value, etc.). This is being promoted on the pretext that the internal characteristics of an apartments remains more or less same differing only on the limited aspects of area, no. of rooms, material specifications, etc. The design, on the other hand, plays tremendous role in improving quality of living. Restricting its valuation only to few features of provisioning does not allow us to appreciate the true value design has to offer. Building on this, this paper shows that by giving due importance to the design value of an apartment from its utility perspective, a more appropriate model of property valuation can be ascertained.This paper takes bedroom (as a case study) and applies fuzzy logic to predict the utility score of the bedroom. The inventory that the bedroom layout supports, the quality aspects associated with the bedroom inventory and the area becoming the inputs; the proposed system assigns a value to the bedroom from its utility perspective based on twenty-seven rules.