International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 09 Issue: 08 | Aug 2022
p-ISSN: 2395-0072
www.irjet.net
A Review on Development of software for valuation of immovable properties Miss Kolekar Utkarsha Namdeo1 Dr. Y M Patil2 Student, MTech, Dept. of Civil Engineering, Rajarambapu Institute of Technology, Rajaramnagar.1 Professor, Dept. of Civil Engineering, Rajarambapu Institute of Technology, Rajaramnagar 2 -----------------------------------------------------------------------***-------------------------------------------------------------------Abstract— The analytical process of establishing the interested in purchasing a property. property's collateral
value may be enough to meet the cost of the claim. If the mortgage is defaulted, they have the confidence to lend cash knowing that they can recoup the debt by selling the house.
current worth of assets such as residential, commercial, industrial, or agricultural property is known as valuation. The value is established by the selling price as well as the potential rent or revenue. The goal of this research is to get individuals acquainted with the broad field practice of real estate valuation in decision-making processes such as real estate sales, rent calculation, tax fixing, and so on. The manual approach was used to calculate the majority of the values in processed real estate valuation reports. The majority of the study employed ANN (Artificial Neural Network), Java programming, AI (Artificial Intelligence), Fuzzy logic, and other techniques. In India, there is virtually little software available to create value reports. As a result, new value report creation software is required.
Real estate in emerging cities is always in great demand since housing is a basic human requirement. Using real estate values is necessary in a variety of activities, including real estate transactions and taxation, which is a complex subject that requires input information from experts. A bad bargain can be made by a buyer of real estate who doesn't have a firm grasp on the current rate, the state of the market, and a thorough cost-benefit analysis. In light of the wide range of uses for real estate value data, it is vital that the process be enhanced.
Keyword:
Valuation, Market survey, Residential, Commercial, selling price, Web Site Development.
Traditional methods, such as sales comparison, rental, land and building, profit, and so on, can be used by real estate appraisers to estimate a property's value. Prospective owners, developers, investors, appraisers, tax assessors, and others involved in the real estate market rely on accurate property price predictions. A forecasting model that takes into account the impact of numerous shifting factors on the property's value is consequently required. Soft computing may be the best option to meet this requirement.
1. INTRODUCTION Valuation is the process of determining a property's market value. There are several factors that affect how much property is worth, including its age and condition, where it is located and how well it has been cared for. There are many financial actions that need to be valued, such as investments and purchases, loans and mortgages and so on.
1.1 The important factors influencing the value of building
Based on its current state, an appraiser determines its value. It is possible to have both immovable and moveable properties at the same time. This includes land and buildings, mines and trees as well as quarries and other natural resources. An estate agent or an independent valuer typically conducts a property appraisal on behalf of a seller or a financing institution, depending on the circumstances. To get a mortgage or refinance, lenders (such as banks) may require a value of the property prior to the loan being granted. Buyers may also request the valuation if they are
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Type of the building
Location of the building
Expected life of the building
Size and shape of the building
The Present condition of the building
Legal control of the building
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