Bengaluru House Price Prediction

What factors does a prospective homebuyer take into account before making a purchase? Is it the location, property size, proximity to offices, schools, parks, restaurants, hospitals, or the traditional white picket fence? And what about the pivotal factor – the price?

In the aftermath of demonetization, the implementation of the Real Estate (Regulation and Development) Act (RERA), and the prevailing skepticism towards property developers in the city, housing unit sales across India witnessed a 7 percent decline in 2017. Notably, Bengaluru experienced a nearly 5 percent drop in property prices during the second half of 2017, as indicated by a study from property consultancy Knight Frank.

For instance, for a prospective homeowner, there are over 9,000 apartment projects and flats available in the ₹42-52 lakh range, followed by more than 7,100 apartments falling within the ₹52-62 lakh budget, as reported by property website Makaan. The study also reveals over 5,000 projects in the ₹15-25 lakh budget category, followed by those in the ₹34-43 lakh budget range.

Purchasing a home, particularly in a city like Bengaluru, entails a nuanced decision-making process. Although the fundamental considerations align with those in other metropolitan areas, the Silicon Valley of India adds unique elements to the equation. Given its dynamic millennial population, vibrant culture, favorable climate, and ample employment prospects, gauging the housing market in Bengaluru proves to be a multifaceted challenge. The distinctive characteristics of the Silicon Valley of India, including its youthful demographic, lively culture, excellent climate, and numerous job opportunities, contribute to the complexity of determining housing prices in Bengaluru.

Problem Statement: In this challenge, we are Predicting House Prices in Bengaluru depending upon multiple parameters.

Source: https://www.kaggle.com/datasets/amitabhajoy/bengaluru-house-price-data

Real-world/Business Objectives and Constraints:

  1. The cost of misclassification can be high.
  2. No strict latency concerns.
  3. It will help everyone to understand the insights of Housing prices, especially in Bengaluru.