Title: House Price Prediction

Authors: Venkateswar Nayak, Priyabrata Kumar Bhola, Manish Ranjan Mohapatra, Aditya
Sinha
Affiliation: Institute of Technical Education & Research, Siksha 'O' Anusandhan University

Abstract: House price forecasting is an important topic of real estate. The literature attempts to
derive useful knowledge from historical data of property markets. Real estate is the least
transparent industry in our ecosystem. Housing prices keep changing day in and day out and
sometimes are hyped rather than being based on valuation. Predicting housing prices with real
factors is the main crux of our research project. Here we aim to make our evaluations based on
every basic parameter that is considered while determining the price. We use various regression
techniques in this pathway, and our results are not sole determination of one technique rather it is
the weighted mean of various techniques to give most accurate results. The results proved that
this approach yields minimum error and maximum accuracy than individual algorithms applied.

Purpose:
House price forecasting is an important topic of real estate. The literature attempts to derive
useful knowledge from historical data of property markets. Machine learning techniques are
applied to analyze historical property transactions in India to discover useful models for house
buyers and sellers. Revealed is the high discrepancy between house prices in the most expensive
and most affordable suburbs in the city of Bhubaneswar.

Design/Methodology/Approach:
Our Project Model analyses a set of parameters selected by the customer so as to find an ideal
price according to their requirements and interest. It uses a classical techniques like,
i) Linear Regression: Linear regression is the most simple method for prediction. It uses two
things as variables which are the predictor variable and the variable which is the most crucial one
first whether the predictor variable and suitable. These regression estimates are used to explain
the relationship between one dependent variable and one or more independent variables.
ii) Forest Regression: Forest regression uses the technique called as Bagging of trees. The main
idea here is to decorrelate the several trees. We then reduce the Variance in the Trees by
averaging them. Using this approach, a large number of decision trees are created.
iii) Boosted regression: Boosted regression is a type of learning technique which produces
prediction with the help of decision trees that usually ensemble a number of weak prediction
models.
iv) Neural Networks: Neural Networks are applied with boosted regression to increase the
accuracy of the result.

Findings:
In this Project Model, it is found that machine learning techniques are applied to analyze
historical property transactions in India to discover useful models for house buyers and sellers.
Revealed is the high discrepancy between house prices in the most expensive and most
affordable suburbs in the city of Bhubaneswar. Moreover, experiments demonstrate that the
Multiple Linear Regression that is based on mean squared error measurement is a competitive
approach.
Research Limitations/Implications:
The implications include local data will be requested from the bhubaneswar public dataset. The
request contains a list of features, that matches the public dataset's features, that is desired to be
available when the data is sent. There is no guarantee that the data will be available in time nor
contains the exact requested list of features. Thus, there might be a risk that the access will be
denied or delayed. If so, the study will be accomplished based only on the public dataset.

Originality/Value:
This Project Model aims to provide an accurate prediction of housing prices has been developed.
The system makes optimal use of Linear Regression, Forest regression, Boosted regression. The
efficiency of the algorithm has been further increased with use of Neural networks. The system
will satisfy customers by providing accurate output and preventing the risk of investing in the
wrong house.

Keywords:
Machine Learning, Multiple Linear Regression, Neural Network, Ridge Regression, Random
Forest Regression.