12-16, 14:30–14:50 (Asia/Bangkok), Room34-1102
Over recent years, Mysore, a district in Karnataka, India, has seen remarkable urban growth and infrastructural development, transforming its landscape significantly. This study examines how this urban expansion influences property values, using data from 2014 and 2024 to forecast property values for 2034 with a Random Forest regression model. We focus on 110 key locations, looking at factors such as closeness to the central business district, railway station, bus stand, and local amenities like schools and hospitals. By finding the strongest correlations between these elements, we establish a relationship between property values and these factors to predict future values.
Our findings highlight Mysore's vibrant economic growth and its potential for sustained progress. These insights are crucial for the real estate market, providing valuable information to make informed decisions about future property values amid ongoing urban development. By analyzing how urban growth impacts property values through sophisticated statistical models, this study sheds light on how infrastructural improvements and strategic locations drive real estate trends. The expected significant rise in property values by 2034 underscores Mysore's economic dynamism and its appeal as an emerging urban hub.
We conducted 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 predictions of future property values by understanding complex relationships between these variables. The strong correlation between guideline values and market values provides a reliable basis for predicting future real estate trends. This correlation is essential for stakeholders, including developers, investors, and policymakers, as it supports strategic decision-making based on market projections.
The expected significant rise in property values indicates that Mysore is poised for considerable growth, driven by strategic developments and improved infrastructure. By understanding these trends, stakeholders can make informed decisions to capitalize on Mysore’s ongoing urban expansion, ensuring that investments and development strategies align with the city's projected economic vitality and growth potential. Our analysis highlights that proximity to the central business district, bus stops, and railway stations are key determinants of property values, greatly influencing market prices. We project a significant increase in property values, estimating a 118% rise by 2034.
To visualize these future values, we employ Voronoi polygons, which offer a clear spatial representation of the predicted property value distribution. This approach provides stakeholders, including developers, investors, and policymakers, with valuable insights into future market trends. By understanding 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 growth in Mysore, highlighting its potential as a thriving urban center.
In 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 significant projected increase in property values, highlighting Mysore's continuous development and potential for future growth. These insights are essential for the real estate market, offering valuable guidance for future investments 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 these dynamics, stakeholders, including developers, investors, and policymakers, 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 strategic infrastructure development.
Keywords: Mysore, Urban growth, Property values, Regression model, Infrastructure, Stakeholders
