Magicbricks, India’s top real estate platform, has recently introduced PropWorth, an innovative property valuation tool that utilizes machine learning for precise assessments.
PropWorth, powered by an advanced algorithm, aids buyers and sellers in evaluating property prices by considering various factors such as owner-provided price inputs, on-ground data collected by agents, and Magicbricks’ extensive property listings. This tool stands out from others as it does not rely on ready reckoner rates for valuation.
With data from over 15 years and 30 million listings, PropWorth covers 50,000 projects in 5,500 localities across 30 cities, offering accurate valuations for apartments, independent houses, and villas.
According to Magicbricks, residential demand has increased by 23.8% in the past three years, while property prices have risen by nearly 42.6% in major cities. PropWorth boasts an impressive accuracy rate of 98%, enabling homeowners to assess their property values confidently.
Magicbricks’ CEO, Sudhir Pai, highlights the significance of PropWorth in today’s dynamic market, emphasizing the need for accurate property valuation. By using data-driven estimates, this tool eliminates guesswork, enabling informed decision-making for buyers and sellers.
PropWorth, equipped with advanced machine learning systems, efficiently analyzes vast amounts of data to generate reliable property value estimates. Users can provide detailed property information, including project or locality name, property type, number of bedrooms, super area, floor number, and car parking spaces, enhancing the valuation’s accuracy.
Co-Founder of PropFina, Nitin Singhal, lauds the tool’s potential, stating that while initial variations may exist, PropWorth empowers retail house buyers by leveraging technology for decision-making. Singhal suggests including more data points for accurate output, such as SRO data, and mentions factors like listing prices, broker estimates, and payment ratios that may affect property valuation.
