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UID:pretalx-foss4g-asia-2024-RQFWXY@talks.geoinfo-lab.org
DTSTART;TZID=+07:20241216T143000
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DESCRIPTION:Over recent years\, Mysore\, a district in Karnataka\, India\, 
 has seen remarkable urban growth and infrastructural development\, transfo
 rming its landscape significantly. This study examines how this urban expa
 nsion influences property values\, using data from 2014 and 2024 to foreca
 st property values for 2034 with a Random Forest regression model. We focu
 s on 110 key locations\, looking at factors such as closeness to the centr
 al business district\, railway station\, bus stand\, and local amenities l
 ike schools and hospitals. By finding the strongest correlations between t
 hese elements\, we establish a relationship between property values and th
 ese factors to predict future values.\n\nOur findings highlight Mysore's v
 ibrant economic growth and its potential for sustained progress. These ins
 ights are crucial for the real estate market\, providing valuable informat
 ion to make informed decisions about future property values amid ongoing u
 rban development. By analyzing how urban growth impacts property values th
 rough sophisticated statistical models\, this study sheds light on how inf
 rastructural improvements and strategic locations drive real estate trends
 . The expected significant rise in property values by 2034 underscores Mys
 ore's economic dynamism and its appeal as an emerging urban hub.\n\nWe con
 ducted a thorough analysis of various factors affecting property values\, 
 focusing on proximity to essential services and transportation hubs. These
  elements significantly influence property desirability and accessibility.
  Our use of the Random Forest regression model enables accurate prediction
 s of future property values by understanding complex relationships between
  these variables. The strong correlation between guideline values and mark
 et values provides a reliable basis for predicting future real estate tren
 ds. This correlation is essential for stakeholders\, including developers\
 , investors\, and policymakers\, as it supports strategic decision-making 
 based on market projections.\n\nThe expected significant rise in property 
 values indicates that Mysore is poised for considerable growth\, driven by
  strategic developments and improved infrastructure. By understanding thes
 e trends\, stakeholders can make informed decisions to capitalize on Mysor
 e’s ongoing urban expansion\, ensuring that investments and development 
 strategies align with the city's projected economic vitality and growth po
 tential. Our analysis highlights that proximity to the central business di
 strict\, bus stops\, and railway stations are key determinants of property
  values\, greatly influencing market prices. We project a significant incr
 ease in property values\, estimating a 118% rise by 2034.\n\nTo visualize 
 these future values\, we employ Voronoi polygons\, which offer a clear spa
 tial representation of the predicted property value distribution. This app
 roach provides stakeholders\, including developers\, investors\, and polic
 ymakers\, with valuable insights into future market trends. By understandi
 ng the impact of these location factors\, they can make informed decisions
  regarding investments and development strategies. The anticipated rise in
  property values underscores the ongoing urban development and economic gr
 owth in Mysore\, highlighting its potential as a thriving urban center.\n\
 nIn summary\, this study provides an in-depth analysis of the relationship
  between urban growth and property values in Mysore. By employing advanced
  regression models and detailed location-based data\, we have developed a 
 robust forecast for property values in 2034. Our findings indicate a signi
 ficant projected increase in property values\, highlighting Mysore's conti
 nuous development and potential for future growth. These insights are esse
 ntial for the real estate market\, offering valuable guidance for future i
 nvestments and development strategies in Mysore. The study emphasizes the 
 impact of key factors such as proximity to the central business district\,
  bus stops\, and railway stations on property values. By understanding the
 se dynamics\, stakeholders\, including developers\, investors\, and policy
 makers\, can make informed decisions to navigate the evolving real estate 
 landscape. The anticipated rise in property values underscores Mysore’s 
 economic vitality and its promise as a thriving urban center\, driven by s
 trategic infrastructure development.\n\nKeywords: Mysore\, Urban growth\, 
 Property values\, Regression model\, Infrastructure\, Stakeholders
DTSTAMP:20260315T084835Z
LOCATION:Room34-1102
SUMMARY:Mysuru 2034: An Integrated Geoinformatics Approach for Real Estate 
 Valuation and Urban Growth - CHANDAN M C\, Shreyanka M\, Nikitha K\, Tejas
 hvi Swamy\, Pramath Rathithara HP\, Dr. Kul Vaibhav Sharma
URL:https://talks.geoinfo-lab.org/foss4g-asia-2024/talk/RQFWXY/
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