How Artificial Intelligence (AI) and Machine Learning (ML) are enhancing real estate pricing transparency in India

The real estate industry has seen a radical transformation as a result of the rise of AI and machine learning. Online real estate markets are the most promising future concepts that unquestionably aid the real estate business with their integrated AI and Machine Learning equipped model.

For property valuation, trend research, and price forecasts, they are the most useful instruments. Based on the property’s size, number of rooms, age, quality features, and macroeconomic demographics, AI and Machine Learning utilise a regression model to generate a price range that is optimal. Thus, AI systems are capable of predicting price changes in response to factors like as location or future development.

According to Oxford University’s report, Technology and the Future of Real Estate Investment Management, 53% of real estate businesses would directly invest in technology in 2020. While 56% of Statist respondents have already acknowledged the effect of the IT sector, 42% of respondents accepted that intelligent building technology has the potential to revolutionise the construction business.

It is also possible to link big pipelines of algorithms with useful social data such as logistics, public facilities & public utilities and more to offer a more accurate view into the real estate market. Despite the fact that AI has made the property selling and purchasing process more efficient, it isn’t restricted to that. For the most part, AI and Machine Learning have made it easier and more accurate to evaluate the worth of a property throughout the home-buying process.

As a result of these technological advances, the home-buying process becomes more transparent. For example, AI and ML have contributed to making it easier for clients to find a house, from online listings to property recommendations.

Finally, real estate agents rely on AI’s ability to “predict” the future, which is a vital ability. Property valuations and rental rates are two good examples where this method might come in handy. Using public records, alternate routes, crime figures, and school district estimates, an AI model may be able to create a particular region value analysis.

The use of AI will have a favourable impact on efficiency, management costs, transparency, and, most importantly, asset valuation. No one can deny that the revolution in artificial intelligence has here to stay. When it comes to purchasing and selling real estate, artificial intelligence (AI) has the potential to revolutionise the process by presenting customers with pertinent information in the most open and honest manner possible.

Automated and computerised real estate transactions are in the horizon. The usage of artificial intelligence and machine learning is increasing in our daily lives as they become more accessible. As soon as real estate brokers learn how to harness the power of technology to their advantage, they won’t have a thing to worry about. Technology streamlines the entire property buying and selling process, presenting customers with vital information in the most transparent manner.