Magicbricks Launches PropWorth: Advanced Property Valuation Tool Utilizes Machine Learning For Accurate Assessments

Magicbricks Launches PropWorth: Advanced Property Valuation Tool Utilizes Machine Learning For Accurate Assessments

Trained on 15 years of data and over 30 million listings, PropWorth covers 50,000 projects in 5,500 localities across 30 cities, including Mumbai, Pune, Nagpur, offering comprehensive valuations for various property types, consisting of apartments, independent houses, and villas.

Bhalchandra ChorghadeUpdated: Wednesday, July 10, 2024, 08:41 PM IST
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Magicbricks Launches PropWorth: Advanced Property Valuation Tool Utilizes Machine Learning For Accurate Assessments | Magicbricks Logo

Magicbricks, India's leading real estate platform, has unveiled its instant property valuation tool, PropWorth. It is powered by an advanced machine learning algorithm to assist buyers and sellers evaluate the estimated price for any property by utilizing owner-provided price inputs, comprehensive on-ground data collected by the agents, and Magicbricks’ extensive property listings. The price evaluation will not be based on the ready reckoner rates.

Trained on 15 years of data and over 30 million listings, PropWorth covers 50,000 projects in 5,500 localities across 30 cities, including Mumbai, Pune, Nagpur, offering comprehensive valuations for various property types, consisting of apartments, independent houses, and villas.

According to Magicbricks, residential demand has surged by 23.8% over the past three years, with property prices increasing by nearly 42.6% across major cities. In this context, PropWorth is a game changing tool that empowers homeowners to assess their property values, delivering an impressive accuracy rate of 98%.

Emphasising on the significance of this launch, CEO of Magicbricks, Sudhir Pai said, “In today's dynamic real estate market, accurate property valuation is more important than ever. PropWorth uses data-driven estimates to ensure quick and precise property valuation, eliminating guesswork. This clarity empowers buyers and sellers to make well-informed decisions confidently.”

Empowered by sophisticated advanced machine learning systems, PropWorth as a tool analyzes vast amounts of data efficiently and identifies key factors to generate reliable property value estimates.

Users can provide comprehensive property information such as the project or locality name, property type (flat or house/villa), number of bedrooms, super area, floor number, and car parking spaces. Additionally, they can share specific details including property direction (as per Vastu), view from the property (road, garden, pool), additional rooms, and amenities (club house, swimming pool, lift, park, gym) to further enhance the accuracy of the property valuation.

“This is a great tool in the offing. It will give the retail buyers power of technology for decision making. However, the data collection points must include the SRO data to come close to more accurate output. In the initial phase, you can expect variations between 6-9% on actual transaction value which has many dynamics like difference in listing prices, estimation of the broking community and the payment ratios which are still prevalent in quite a few micro markets. This is a much-desired beginning to empower retail house buyers,” Co-Founder of PropFina, Nitin Singhal said.

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