Machine Learning based Real Estate Price Prediction

The dynamic nature of real estate markets gives rise to huge challenges for buyers and sellers in accurately predicting property prices. This paper presents a detailed study on real estate price predictions, focusing on using machine learning techniques to forecast property prices effectively. Using a dataset from Bengaluru, as a case study, it explored the intricacies of Real Estate markets and developed a predictive model to estimate the property prices. Our studies consist of data preprocessing, featuring engineering, model selection, and evaluations, giving insights into the factors that affect property prices and the performances of various regression algorithms. After performing multiple experiments, we showcase the efficiency of our approaches in predicting property prices. Existing techniques that have tried to predict house prices have often struggled to deal with nonlinear relationships present among the factors. Recent techniques such as Linear regression, Ridge and Lasso Regression and Support Vector Machines(SVM) have come up short of being perfect when it comes to dealing with computational intensity and these techniques require extensive hyperparameter tuning. However, our predictive model is able to deal with these challenges by leveraging the strengths of Random Forest regression. This is done with high accuracy and the implications for real estate stakeholders are discussed, subsequently. This paper also highlights the various avenues through which the performance of real estate estimation models can be improved in the future.