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House Price Prediction Using Data Science

This document describes a project to predict house prices using data science. It will use regression techniques to determine the relationship between house features and prices. The system will have a database to store house data, an application to analyze the data and predict prices, and security measures. The goal is to help buyers and sellers determine appropriate prices. It will account for both structured data like house characteristics as well as unstructured data like description text.

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Muhammad Nadeem
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260 views8 pages

House Price Prediction Using Data Science

This document describes a project to predict house prices using data science. It will use regression techniques to determine the relationship between house features and prices. The system will have a database to store house data, an application to analyze the data and predict prices, and security measures. The goal is to help buyers and sellers determine appropriate prices. It will account for both structured data like house characteristics as well as unstructured data like description text.

Uploaded by

Muhammad Nadeem
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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The University of Lahore

Software Design & Architecture (S)


Assignment # 1

Project Name:
“House Price Prediction using Data Science”

Group Members:
Mian Muhammad Mujtaba ~ 70077936
Muhammad Nadeem ~ 70078611
Hassan Raza ~ 70078669
Zubair Ul Amin ~ 70077544

Submitted To:
Ma’am Sibgha Anwar
Introduction
Real Estate Property is not only the basic need of a man but today it also represents the riches and
prestige of a person. Investment in real estate generally seems to be profitable because their
property values do not decline rapidly. Changes in the real estate price can affect various household
investors, bankers, policy makers and many. Investment in real estate sector seems to be an
attractive choice for the investments. Investment is a business activity that most people are
interested in this globalization era. There are several objects that are often used for investment, for
example, gold, stocks and property. In particular, property investment has increased significantly
since 2011, both on demand and property selling.

Existing System
There are several approaches that can be used to determine the price of the house, one of them is
the prediction analysis. The first approach is a quantitative prediction. A quantitative approach is
an approach that utilizes time series data. The time-series approach is to look for the relationship
between current prices and prevailing prices. The second approach is to use linear regression based
on hedonic pricing. Previous research conducted by Gharehchopogh using linear regression
approach get 0,929 errors with the actual price. In linear regression, determining coefficients
generally using the least square method, but it takes a long time to get the best formula.

Proposed System
The land prices are predicted with a new set of parameters with a different technique. Also we
predicted the compensation for the settlement of the property. Mathematical relationships help us
to understand many aspects of everyday life. When such relationships are expressed with exact
numbers, we gain additional clarity Regression is concerned with specifying the relationship
between a single numeric dependent variable and one or more numeric independent variables.
House prices increase every year, so there is a need for a system to predict house prices in the
future. House price prediction can help the developer determine the selling price of a house and
can help the customer to arrange the right time to purchase a house.

Problem Statement & Scope


The general and standardized real estate characteristics are often listed separately from the asking
price and general description. Because these characteristics are separately listed in a structured
way, they can be easily compared across the whole range of potential houses. Because every house
also has its own unique characteristics, such as a particular view or type of sink, house sellers can
provide a summary of all the important features of the house in the description. All given real
estate features can be considered by the potential buyers, but it is nearly impossible to provide an
automated comparison on all variables due to the large diversity. This is also true in the other
direction: house sellers have to make an estimation of the value based on its features in comparison
to the current market price of similar houses. The diversity of features makes it challenging to
estimate an adequate market price. Apart from providing a summary of the important features of
the house, the house description is also a means of raising curiosity in the reader, or in other words
to persuade the person. It is possible that there are certain word sequences in the natural language
text that seduce potential buyers more than others. Therefore, there might be a relation between
the language used in the description and the price of the property. This comparison does not focus
primarily on the house characteristics, but on all words within the description. For example, a
description with the word highly can outperform one with the word very looking at price
fluctuation: the difference between real estate asking- and selling price. This can mean that the
word highly is commonly seen in descriptions that show an increase in real estate price while the
word very generally leads to a decrease in price. In addition, we can also find words that are
distinctive for a certain range in selling- or asking price, thus can be used for prediction tasks.
Hence, we have determined three pricing indicators that will be meaningful to predict: selling
price, asking price and price fluctuation.
Initial Requirement Engineering & System Architecture
Structure of the Complete System:

Figure 1 - System Structure Diagram


Database Architecture:

Figure 2 - System Structure Diagram

Application Architecture:

Figure 3 – Application Architecture Diagram


Application Flow:

Figure 4 – Application Flow Diagram

Software & Hardware Requirement:


HARDWARE REQUIREMENTS: 1 GB RAM. 200 GB HDD. Intel 1.66 GHz Processor Pentium
4 SOFTWARE REQUIREMENTS: Windows XP, Windows 7, 8,10 Visual Studio 2010 Microsoft
SQL Server Windows Operating System
Security Architecture:

Figure 5 – Security Architecture Diagram

For every input given by user, no incorrect format of data can be given as an input to the system
which can be of various forms. All the data fields must be filled by the user to get the Output. The
date provided for forecasting should be given of the future not that of the past
Use Case Development:

Figure 6 – Use Case Diagram

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