Mysore 2034: An Integrated Geoinformatics Approach for Real Estate Valuation and Urban Growth

Abstract

Urban growth plays a significant role in shaping real estate market values of developing cities like Mysore. This paper delves into futuristic relationship between urban growth and property values, using data spanning from 2014 to 2024 and predicting trends up to 2034 through geographically weighted regression model Random Forest Regression model. The study includes analysis of 110 key locations, including factors like proximity to the central business area, railway station, bus stand, and local amenities like school and hospitals. 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. Furthermore, the proximity to key urban nodes such as the central business area, railway stations, and bus stands shows significant determinant of property values, reflecting the influence of accessibility and convenience on market demand. A significant surge in property values is projected, estimating a significant increase of 118% by 2034. This indicates Mysore's robust economic potential and its ability to sustain growth over time. Notably, this growth trajectory is further catalyzed by the construction of new expressway between Mysore and Bengaluru to enhance connectivity and accessibility between the two cities. The research also highlights the interplay between urban growth and property values in the context of Mysore, a developing city. It addresses various crucial factors like the impact of urban infrastructure, regulatory frameworks.