Approaching Partner Meeting
Author: Drew Phillips
Project: IIHS and IIIT-B | Urban Informatics Portal
Year: 2015
Bangalore, India
We’re excited to announce that our project is becoming a better resource than ever. Working with IIM, we’re displaying 4 sets of data that aren’t yet available in one place: listing, market, consideration/market, and guidance values.
We hope to add clarity and transparency to the real estate market by making buyers more confident and allowing the government to better collect registration taxes (the collections are an estimated Rs. 7,000,000,000 (over US$100 million).Using our site, a property buyer will be able to access listing, market, registration, and guidance values from one site, increasing her confidence in property investment. She will also be better able to register her property with the SRO office which increases government revenues. Accurate property registration is especially important as the city is short an estimated ₹700 crore due to registration value discrepancies.
Our team chose to use apartments as the units of analysis for several reasons. First, a prior pilot study performed by a real estate research team determined that apartments account for about 30 percent of all registrations in Bangalore. Second, apartments are the largest growth sector in property types (other sectors are land, village, and individual properties).
Additional desirables include charts that outline pricing trends by locality. We also plan to include data for building age, number of units, area growth trends, and the number of HBK for additional search options. We envision this project as a continuing open resource allowing for positive social change in the real estate market.
Malcolm and Anisha are finishing up the database, Frank is leading the GIS data efforts (we have lots of new data), and Betsy and I are working on documentation, design, and some GIS work. We have a progress report meeting on the 11th with all of our partners at IIHS, and a pre-presentation on the 17th, with still time to make changes before our final internal presentation on the 24th.
Project: IIHS and IIIT-B | Urban Informatics Portal
Year: 2015
Bangalore, India
We’re excited to announce that our project is becoming a better resource than ever. Working with IIM, we’re displaying 4 sets of data that aren’t yet available in one place: listing, market, consideration/market, and guidance values.
- Listing value is the advertised cost of the property. These values are open-source and were obtained directly from www.magicbricks.com. The average values are reported on the website rather than calculated by our team.
- Market value is the appraised value of the property. We obtained this data from www.realtycompass.com, which is a private company that agreed to share its survey-derived data with IIT-B. Our team calculated the average market values.
- Consideration or registration value is the reported price paid for a property. Our data is obtained from the Office of the Inspector General of Revenue and Collection of Stamps. It includes the number of registered apartments per locality. Our team used the 90th percentile of consideration values for analysis to limit outliers, so no median value is included in our analysis.
- Guidance value is the minimum property value per area set by one of 41 sub-registrar offices (SRO) in Bangalore. Our data comes from the Office of the Inspector General. Our team assigned points to each of the 415 localities in Bangalore since accurate locality boundaries are not available. Each point contains guidance values for that locality based on the underlying SRO boundaries.
We hope to add clarity and transparency to the real estate market by making buyers more confident and allowing the government to better collect registration taxes (the collections are an estimated Rs. 7,000,000,000 (over US$100 million).Using our site, a property buyer will be able to access listing, market, registration, and guidance values from one site, increasing her confidence in property investment. She will also be better able to register her property with the SRO office which increases government revenues. Accurate property registration is especially important as the city is short an estimated ₹700 crore due to registration value discrepancies.
Our team chose to use apartments as the units of analysis for several reasons. First, a prior pilot study performed by a real estate research team determined that apartments account for about 30 percent of all registrations in Bangalore. Second, apartments are the largest growth sector in property types (other sectors are land, village, and individual properties).
Additional desirables include charts that outline pricing trends by locality. We also plan to include data for building age, number of units, area growth trends, and the number of HBK for additional search options. We envision this project as a continuing open resource allowing for positive social change in the real estate market.
Malcolm and Anisha are finishing up the database, Frank is leading the GIS data efforts (we have lots of new data), and Betsy and I are working on documentation, design, and some GIS work. We have a progress report meeting on the 11th with all of our partners at IIHS, and a pre-presentation on the 17th, with still time to make changes before our final internal presentation on the 24th.
