EUROPEAN JOURNAL OF REMOTE SENSING

https://doi.org/10.1080/22797254.2020.1772118

Investigation into valuation of land using remote sensing and GIS in Madurai,
Tamilnadu, India
Balaji L. and Muthukannan M.
Department of Civil Engineering, Kalasalingam Academy of Research and Education, Krishnankovil, Tamil Nadu, India

ABSTRACT ARTICLE HISTORY

Assessing the value of property is important in the real estate activity. Important factor to Received 29 February 2020
assess the property value is the location of the property. In India, value of a property is mainly Revised 4 May 2020
evaluated by the guideline value and the market value. This paper addresses the effect of Accepted 18 May 2020
different parameters that affect the market value in Madurai Corporation area. It also addresses KEYWORDS
the implementation of urban valuation on a Geographic Information System for better deci­ Correlation coefficient; fair
sion-making. The valuation of the land depends upon the popularity and also the facilities market value; guideline
around in that area. The spatial data constitutes the location information of the assets and the value; mass appraisal;
attributes that contain the details of the assets. Quantum GIS software is used for the storage quantum GIS; valuation
and analysis of the data. The effective use of GIS along with reliable data and predictive tools
can provide a robust and near realistic solution in predicting real estate trends. It is found that,
for land assets, the Geographic Information System approach is effective. In this paper, we have
used the statistical methods in order to find the market value and modelled value using
Voronoi Polygon Method.

Introduction also argues that geodatabase data model can be used

to store instantiated space-time objects.
Indian system of property valuation is done by evalua­
Market value is defined as the highest price between
tion of the market value and the guideline value and it is
an agreeable buyer, who would pay, and an agreeable
normally delivered as a report. The property valuation
seller, who would bear, both being fully knowledge­
is generally conducted on a wanted from an individual,
able. Market value is fixed by the demand of the
or a contributing institution (such as a bank) that is
property.
looking to provide finance for the purchase of the
Demetriou (2016) has shown that this manual cur­
property. Valuation includes property details – unit
rent procedure presents some weaknesses. In particu­
rate, the extent of the land and construction, physical
lar, the comparison of land parcel characteristics is
details of the premises, the state of dwelling and infor­
mainly a result of an empirical analysis and subjective
mation on any quick issues that may need direction as
human judgment, which means the potential presence
well as resources on comparative selling in the area.
of inconsistencies across valuators, similar land par­
Valuation of property is estimated by three techniques,
cels and the sub-regions of the study area and it is not
namely, cost technique, comparative technique and
the outcome of a robust, standardized analysis using
income technique. Fixation of market value plays an
appropriate tools such as a GIS. As a result, the process
important factor for the property valuation.
is not fully transparent and can lead to unfairness and
Remote Sensing Data can assume a crucial part in
bias against landowners.
valuation of land by mapping framework and other
The taxations based on the values of genuine
fundamental points of interest which are essential in
bequest properties are of awesome budgetary signifi­
choosing the estimation of a real estate parcel. To
cance to the state, bringing in around 10 billion a year
provide time and cost-effective solution.
Zhao (2011) a study on design and implementation (Waarderingskamer, 2016). The valuations commis­
of an object-oriented space-time GIS Data Model. In sioned by the Districts reflect the showcase esteem of
his study, he stated that Geographic data are closely a property at the primary of January of the past year.
related to both spatial and temporal domains. Since this esteem is not considered to be an up to date
Geographic information systems (GIS) can capture, advertise esteem, they are for the most part alluded to
manage, analyze, and display spatial data. However, as surveyed values. Other employments of evaluated
they are not suitable for handling temporal data. values are deciding the sum of contract advances and
Models exhibit weaknesses in various aspects. He the level of protections for genuine estate.

CONTACT Balaji L. [email protected] Department of Civil Engineering , Kalasalingam Academy of Research and Education, Krishnankovil,
Tamil Nadu, India
© 2020 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits
unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2 B. L AND M. M.

Guideline value is used primarily in calculating the of the property. The GIS in real estate enables the user
amount of stamp duty one has to pay while registering to capture, save, evaluate, and visualise the real prop­
a transaction. Guideline values may vary for different erty information data on a map with a geospatial con­
survey numbers in the same village and in the same text. GIS gives unique solutions in digitalised form
locality. This may be because of the history of transac­ which is far better than spreadsheet format that is
tion in each survey number. Guideline value in Tamil less accurate in table or spreadsheet format said by
Nadu state is fixed and can be obtained from the Tamil Linne and Cirincione (2010).
Nadu government web portal (www.tnreginet.net). Muli (2013) said that GIS constructs output layers
Statistical modelling is established to analyse the as a map for the geo-referenced data and analyse it in
data and to formulate the regression modelling. various statistical methods using the data. GIS draws
Correlation coefficient is a numerical measure of the schemes and notion from various disciplines such as
linear relationship between a dependent variable cartography, cognitive science, civil engineering, Eco
Y and an independent variable X. The value of the science, geodesy, landscape architecture, law, photo­
correlation coefficient also indicates the strength of the grammetry, public policy, remote sensing, statistics
relationship. The expansion of GIS is Geographic and surveying and influences of society on GIS defined
Information System. GIS is a computer-based infor­ by Patra (2011).
mation system which makes different layers with vari­ Hedonic pricing is a valuation model that assesses
ety of qualities and characteristics to geographical the effect of the particular factors of a property on
objects and helps in fixing the market value and deci­ overall market value. Gatheru and Nyika (2015) devel­
sion-making said by Patra (2011). Geographic infor­ oped a Hedonic Pricing Model (HPM) for the valua­
mation system (GIS) is a new platform to represent the tion of properties in Kenya.
digitalisation of valuation. It represents a better image S. Metzner (2017) stated that Spatial factors are the
form to manipulate, analyse, manage and make most important factors among evaluation criteria. A.
a better decision about the properties. Quantum GIS C. Aydinoglu (2017) said that property valuation para­
software which we have used is open GIS software. meters can be determining by using local experts,
investors and institutions opinions.
To perform valuations both building data and
Literature review
cadastral data are required (Isikdag et al., 2015). The
The value of a property is basically by its location and valuation workplaces keep up their claim building data
is one of the main decision-making tools that is used models and ask upon the Cadaster’s administrative
to manage different aspects of the social, economic, data on boundaries and possession. This development
technical and financial activities in that location. delineates that not all valuation models depend on the
However, the objective of the land valuation is to same set of information.
ascertain the value, a term commonly started up by
some sort such as market value or benefit value illu­
Modelling of valuation with GIS
strated by Yomralioglu and Nisanci (2004).
Mukaka (2012) demonstrates how a correlation Maps with the value are very powerful decision-
coefficient can be used as a statistical measure to making tools which clearly show the geography of
interpret and define a functional relation between property values over space and time, said by Wyatt
two variables. By a linear regression model, he inves­ (1996). Spatial distribution of property values are illu­
tigated how the macroeconomic factors, namely, the strated by maps with values. This is an improved
unemployment, stock index, gross domestic product method compared to the paper-based analysis in the
and industrial production are related to property past. GIS can manage data input, calculations and the
value. presentation of the results. GIS are used for acquiring,
Grum and Govekar (2016) developed a predictive storing and retrieving information about land for the
method to fix the market value of a property using purpose of valuation. It is also useful for analysing and
economic analysis. Saginor et al. (2011) researched the processing those data to produce meaningful land
effect of environmental issues on market value of the valuation, monitoring the market value of land parcel
property. The experts modelled the value of 100 case in relation to streets and other amenities, facilities and
studied by OLS (Ordinary Least Square) method. utilities by Thilakarathne et al. (2008).
A Geographical Information System (GIS) is useful McCluskey et al. (1997), researched the usage of
in decision-making regarding properties. Valuation GIS in Mass Appraisal. By using CAMA (Computer
can be accomplished by analysing a certain level of Assisted Mass Appraisal), the valuation can be
land features in an equitable way using GIS. In order assessed within a moment. It is useful for land taxa­
to make a requisite value for a land, Geographical tion, legal and economical transaction in Ireland.
Information System (GIS) is an easier computer- The study was done for finding the relation between
based instrument for mapping and economic analysis the value of land and the factors that influence the
 EUROPEAN JOURNAL OF REMOTE SENSING 3

value by questionnaires survey and multivariate Step 2:Cross-correlation matrix between para­
regression model analysis. By Hedonic Pricing Model meters produced from statistical analysis and taken
(HPM), the value of the land can be assessed by para­ the highest correlation parameter.
meters which consist of land size, accessibility to road, Step 3:View the relation between guideline values
accessibility to school. It is recommended that the and market value by plotting graph using the 400 data.
HPM and GIS can be used to do property valuation Step 4:Establish a relation between guideline and
by Gatheru and Nyika (2015). market value by least square fit.
Hence, a study to find a relation between guideline Step 5:Import the data into QGIS platform to make
rate and market value is proposed to make the fixation the digitalised value map for mass appraisal.
of the market value in a formulated way. In this study,
it is attempted to develop a regression model, based on Study area
statistical analysis for the properties of Madurai. It is
Madurai is a major city of Tamil Nadu state. Madurai
required to digitalise the valuation in urban cities for
is the second largest city by land and the third biggest
better decision-making.
city by large population in Tamil Nadu. Madurai has
a population of approximately 30 lakhs spread out on
Scope and objective an area of 148 sq.km.
There are certain issues on conventional systems of In this research, only the local planning area of
property valuation. Market value is evaluated based on Madurai city is considered. Madurai is located
a non-standardised system by acquiring information between (9.56ºN, 78.44ºE) and (10.31ºN, 78.47ºE). Its
that causes errors and variations in the property altitude is about 101 m above MSL.
values. Basically, the market value is fixed by hearsay Madurai Corporation divided into four Zones.
only. There is no certain defined relationship between Zone I, II, III and IV which consist of a total of 100
guideline and market value. It is important to consider corporation wards. Madurai is a developing city with
the market value as standardised one to control the the characteristics of a village as well as a metropolis,
vigorous cash flow. This paper addresses to establish located in southern Tamil Nadu. Madurai has the
a correlation between the guideline and market value network of road, railway and airway to connect with
based on real data by different parameters. The other cities. Madurai is an important tourist destina­
Parameters/points to be considered to assess the mar­ tion in South India with its important pilgrim centres
ket rates are given in Table 1. such as Madurai Meenakshi Temple, Alagarkovil and
It is important to make the market values as trans­ Tirupparankundram Temple.
parent as guideline values which are still handled manu­
ally. This process is time consuming, work of repetitive Data collection and sample data
nature, and less transparent. Location of the property is To quantify the Value of a land, various parameters as
the important factor to evaluate the market value. discussed in section 2 are considered. The objective of
Digitalised valuation is a user-friendly system of valua­ the study is to quantify the effect of these parameters on
tion techniques to the customer. Quantum GIS (QGIS) property values. Four hundred numbers of data are
platform is used to store, represent and analyse the data. collected with all parameters within the Madurai muni­
cipal area. These 400 property data are collected with
Methodology geographic spatial coordinates, namely latitude and
longitude using a GPS. For each property, the guideline
Step 1:From Madurai Corporation area, 400 data sets and market rate is collected from 2007 to 2015. The
are collected which consist of all parameters. Each data sample data of a property in Madurai Corporation area
set contains data from the year 2007 to 2015. with all parameters are shown in Table 2.

Statistical analysis
Table 1. Parameters/points to be considered to assess the market.
Location Latitude, longitude of the area
Correlation and modelling of the market value and the
Classification Residential, commercial and industrial area guideline value is done by analysing the correlation coef­
Transportation facility Distance to the nearest airport, bus stand ficient and NRMSE values. GRETL software was used to
and railway station
Distance to amenities Distance to the nearest school, college and find the correlation and the modelling work. GRETL is
hospital a free GNU-based software for statistical modelling.
Property features Road width of the property and frontage of
the property
Size of improvements Class of the population based on income Cross-correlation
around the property high class, middle
class or low class income people Cross-correlation among the variables was found
Population movement Defines the area around the property as using the cross-correlation module in the GRETL.
developed, developing or not developed
The cross-correlation table is shown in Table 3.
4 B. L AND M. M.

Table 2. Sample collected data.

ID YEAR LAT LONG CLS GLR PMR DTA DTRS DTBS DTNS DTNH DTNC R_W FR S_IMP POP MOV
1 2015 9.993 78.147 5 200 1377 26 11 7 5 4 1 7 4.8 2 6
1 2013 9.993 78.147 5 185 918 26 11 7 5 4 1 7 4.8 2 6
1 2011 9.993 78.147 5 170 600 26 11 7 5 4 1 7 4.8 2 6
1 2009 9.993 78.147 5 150 560 26 11 7 5 4 1 7 4.8 2 6
1 2007 9.9939 78.147 5 150 500 26 11 7 5 4 1 7 4.8 2 6
• CLS – Classification
• Residential numbered as 5
• Commercial numbered as 10
• Residential and commercial numbered as 15
• GLR – Guideline rate in rupees
• PMR – Prevailing market rate in rupees
• DTA – Distance to airport (Madurai) in kilometre
• DTRS – Distance to railway station (Madurai) in kilometre
• DTBS – Distance to bus stand (Madurai – Mattuthavani) in kilometre
• DTNS – Distance to the nearest school in kilometre
• DTNH – Distance to the nearest hospital in kilometre
• DTNC – Distance to the nearest college in kilometre
• R_W – Road width in meter
• FR – Frontage in meter
• S_IMP – Site improvement (High class/Middle class/Low class)
• High class numbered as 1
• Middle class numbered as 2
• Low class numbered as 3
• Pop_Mov – Population movement (Developed/Developing)
• Developed numbered as 6
• Developing numbered as 12

The highest cross-correlation was found between by an ordinary least square fit for the whole data from
the market value and the guideline value as 0.86. This 2007 to 2015. Market value is plotted against guideline
indicates that there is a very strong positive correlation value from the year 2007 to 2015 and shown in
between market value, the fixing of guideline value Figure 1.
and subsequent market and guideline values. The From the graph, the model fit is of the form:Y = AX
important parameters such as distance to the railway +B
station (DTRS), distance to the bus stand (DTBS), Where:Y = Market value
distance to the nearest school (DTNS) and distance X = Guideline value
to the nearest hospital (DTNH) have a correlation of A, B = Model constants
about −0.20 to the guideline value and the market The model obtained is
value which indicates that as distance to prime facil­
Y ¼ 1:54X þ 282 (1)
ities/amenities increases the land value decreases.
The plot between the market value and guideline This is a mass valuation model and represents the
value by taking whole data was found to be somewhat market value in terms of guideline value.
linear. Hence, linear least square fit was chosen as the From graph, it can be seen that most of the transac­
modelling technique for establishing the relation tion in the study area are in the guideline value less
between market value and guideline value. than Rs. 2000/Sq.ft case. Therefore, models were cre­
ated for three different ranges of guideline value and
the obtained models are tabulated.
Least square linear fit between market value and
The guideline values are subcategorised based on
guideline value
the money value. These ranges are below Rs. 1000/sq.
In this section, it is attempted to model the relation­ ft., between Rs. 1000 to 2000/sq.ft. and above Rs. 2000/
ship between the market value and the guideline value sq.ft. Correlation coefficient and models are created

Table 3. Cross-correlation table.

CLS GLR PMR DTA DTRS DTBS DTNS DTNH DTNC R_W FR S_IMP POP_MOV
CLS 1 0.02 0.03 −0.1 −0.1 −0.1 −0.02 0.04 0.02 0.03 0.13 −0.15 0.14
GLR 0.02 1 0.86 −0.11 −0.2 −0.21 −0.21 −0.18 −0.24 −0.05 −0.1 −0.23 −0.25
PMR 0.03 0.86 1 −0.09 −0.18 −0.2 −0.23 −0.18 −0.26 −0.04 −0.1 −0.22 −0.21
DTA −0.1 −0.11 −0.09 1 0.35 0.07 0.26 0.03 0.25 0.06 0.02 0.05 0
DTRS −0.1 −0.2 −0.18 0.35 1 0.38 0.36 0.25 0.23 0.05 0.09 0.12 0.05
DTBS −0.1 −0.21 −0.2 0.07 0.38 1 0.35 0.29 0.4 0 0.16 0.1 0.14
DTNS −0.02 −0.21 −0.23 0.26 0.36 0.35 1 0.49 0.49 0.07 0.15 0.07 0.19
DTNH 0.04 −0.18 −0.18 0.03 0.25 0.29 0.49 1 0.45 0.05 0.21 0.1 0.2
DTNC 0.02 −0.24 −0.26 0.25 0.23 0.4 0.49 0.45 1 0.02 0.12 0.16 0.1
R_W 0.03 −0.05 −0.04 0.06 0.05 0 0.07 0.05 0.02 1 0.21 −0.07 −0.03
FR 0.13 −0.12 −0.14 0.02 0.09 0.16 0.15 0.21 0.12 0.21 1 0.04 0.1
S_IMP −0.15 −0.23 −0.22 0.05 0.12 0.1 0.07 0.1 0.16 −0.07 0.04 1 0.18
POP_MOV 0.14 −0.25 −0.21 0 0.05 0.14 0.19 0.2 0.1 −0.03 0.1 0.18 1
 EUROPEAN JOURNAL OF REMOTE SENSING 5

Figure 1. Graph between guideline rate and prevailing market rate (least square fit).

for each set of data range. Table 4 shows the regression clearly as shown in Figures 3 and 4. The impact of
models for selected range of guideline value. “location” on market value and guide line value can be
visualised from Figures 3 and 4.

Control plot
GIS Analysis of modelled and actual market value
Control plot has been plotted between guideline and
The modelled market value obtained from statistical
market value by considering year as a control variable.
analysis was chosen as one more parameter along with
Control plot shows the linear variation between the
the original observed data for the properties. These two
guideline and market value trend. The data were col­
values viz. actual market value and modelled market
lected from 2007 to 2015. It also states that the market
value which are displayed on a GIS layer as shown in
rate is increased by 1.5 times of guideline rate. Control
Figure 5 for the year 2015. Thus, it can be easily visualised
plot of the guideline rate and prevailing market rate
where the predicted model fits and where it does not fit.
(least square fit) is shown in Figure 2. The control
model for the year 2015 is found as:
GIS analysis Voronoi polygon method
Y ¼ 1:52X (2)
Voronoi polygons were created to review the guideline
where Y = Market value and X = Guideline value and market value spread based on the area. Sample
Voronoi polygons are shown in Figures 6 and 7 for
guideline value as well as market value for the year 2015.
QGIS analysis
Through Voronoi polygons method, we can easily
The 400 data points with latitude and longitude are identify the denseness of high and low value of the
converted to CSV format so that they can be imported land on the map. It can be seen that both high guide­
into QGIS and interpreted. line and high market value areas of the Madurai
Corporation are found in the central part of Madurai.

Interpretation using QGIS

Results and discussion
The 400 data points were loaded as point data in
QGIS. The market value and guideline value variations Regression models for different range of guideline
across the Madurai municipal area can be visualised value in Table 4 show the dependency factor of each

Table 4. Regression models for selected range of guideline value.

Sl. Correlation coefficient Dependency factor compared with Trend of Percentage
No Guideline value range Model of PMR & GLR other parameters increment rate NRMSE
1 Full data Y = 1.54X + 282 0.86 Strong Decreases 0.118
2 Rs. 0 to 1000/Sq.ft. Y = 1.71X + 224 0.71 Strong Decreases 0.516
3 Rs. 1001 to 2000/Sq.ft. Y = 1.59X + 241 0.4 Medium Decreases 1.17
4 Rs. Above 2000/Sq.ft. Y = 1.75X – 510 0.6 Medium Increases 0.358
6 B. L AND M. M.

Figure 2. Control plot of guideline rate and prevailing market rate (for the year 2015) (least square fit).

Figure 3. Guideline value map of Madurai Corporation area for the year 2015 (prepared in QGIS).

model based on their different guideline value range. Therefore, Rs. 0 to 1000/sq.ft., range of guideline
When guideline value is below Rs. 1000/sq.ft., there is value changes higher percentage increment of market
a strong relationship. But, above Rs. 1000/sq.ft., mar­ value (up to 100% increment). On the other hand,
ket value is moderately dependent on guideline value. above Rs. 1000/sq.ft., does not show a high percentage
Models show that up to Rs. 1000/sq.ft., there is increment (up to 70% increment only).
a decrement trend of increment percentage in the mar­ Also, control plot represents that the market value
ket value. But, in case of above Rs. 1000/sq.ft., it follows is approximately 1.5 times the guide line value.
an increment trend of increment percentage. So, the These collected spatial data are easily visualised by
overall representation is the negative trend of increment the QGIS tool. QGIS gives efficient representation of
percentage between the guideline value and the market rate spread across the Madurai Corporation area. Map
value. That is, if the amount of guideline value increases, of guideline and market value in spatial is represented
prevailing market value also increases, but the percen­ in Figures 3 and 4. Figure 5 shows the comparison of the
tage of increment rate follows a downward slope. modelled market value and the observed market value.
 EUROPEAN JOURNAL OF REMOTE SENSING 7

Figure 4. Prevailing market value map of Madurai Corporation area for the year 2015 (prepared in QGIS).

Figure 5. Market value and guideline value map of Madurai Corporation area for the year 2015 (prepared in QGIS).

Overall, it gives 50 to 60 percentage matching results. It ultimately finds that land market rate is approximately
is user-friendly and allows us to take quick decision. 50% higher than guideline value. It also concludes that
Voronoi polygon gives the easy visualisation of rate, certain parameters considerably increase the market
spread all over the Madurai Corporation. Weighted value and some parameters decrease the market value.
range of land values has been easily represented by Important factor to predict the market value of the
using the Voronoi polygons. property is the transportation facility near the land.
Bus stand and railway station facilities near the loca­
tion hike the value of the property. Voronoi polygons
Conclusion
clearly indicate the under fluctuating market value also
The study to find the relation between guideline value we can arrive at the realistic market value.
and market value is done by statistical method and Four hundred numbers of data are collected with all
mapping the data using QGIS software. This study parameters within the Madurai municipal area. These
8 B. L AND M. M.

Figure 6. Voronoi polygons for guideline value of Madurai Corporation area for the year 2015 (prepared in QGIS).

Figure 7. Voronoi polygons for market value of Madurai Corporation area for the year 2015 (prepared in QGIS).

400 property data are collected with geographic spatial By using the QGIS mapping software, value of the
coordinates, namely latitude and longitude using land can be represented in pictorial way. It is more
a GPS. For each property, the guideline and market helpful to the investor to make a clear decision regard­
rate is collected from 2007 to 2015. ing the land values. The effective use of GIS along with
 EUROPEAN JOURNAL OF REMOTE SENSING 9

reliable data and predictive tools can provide a robust assisted mass appraisal and geographic information
and near realistic solution in predicting real estate systems. Journal of Property Valuation and Investment,
trends. This prediction is not only to help the govern­ 15(5), 448–465. https://doi.org/10.1108/
14635789710189227
ment on policy planning and regulations, but also for Metzner, S., and Andreas K. “Automated Hedonic Valuation
sound economic decisions of the individuals, compa­ Models: A Variety of Projects in Research and Industry.”
nies and investors in the future. In 24th Annual European Real Estate Society Conference.
ERES: Conference. Delft, Netherlands, 2017
Mukaka, M. M. (2012). A guide to appropriate use of
Correlation coefficient in medical research. Malawi
Disclosure statement Medical Journal, 24(3), 69–71.
No potential conflict of interest was reported by the authors. Muli, E. M. (2013), Change detection of informal settlements
using remote sensing and geographic information systems:
Case of Kawangware: Nairobi (1990–2010). Retrieved June
9, 2017, from http://erepository.uonbi.ac.ke/handle/11295/
References
58739
Aydinoglu, A.C. and Bovkir, R., 2017. Generic Land Registry Patra, P. (2011). Remote sensing and geographical informa­
and Cadastre Data Model Supporting Interoperability tion system (GIS). The Association for Geographical
based on International Standards for Turkey. Land Use Studies. 1–28. Retrieved June 9, 2017, from. http://ags.
Policy, 68(2017), 59-71. geography.du.ac.in/Study%20Materials_files/Punyatoya
Demetriou, D., 2016. Spatial linear and non-linear auto­ %20Patra_AM.pdf.
mated valuation models (AVMs) for land consolidation Saginor, J., Simons, R., & Throupe, R. (2011). A
schemes. Journal of Geographical Systems (submitted). meta-analysis of the effect of environmental contamina­
Gatheru, S. W., & Nyika, D. (2015). Application of geo­ tion on non-residential real estate values. Journal of
graphic information system property valuation. Property Investment and Finance, 29(4), pp 460–478.
International Journal of Scientific and Technology https://doi.org/10.1108/14635781111150349
Research, 4(8), pp. 61–71. Thilakarathne, R. S., Gunatilake, J., & Jayakody, J. A. S.
Grum, B., & Govekar, D. K. (2016). Influence of macroeco­ (2008). Integrated geographical buffering system for
nomic factors on prices of real estate in various cultural land taxation in Sri Lanka. International Archives of the
environments: Case of Slovenia, Greece, France, Poland Photogrammetry, Remote Sensing and Spatial Information
and Norway. Procedia Economics and Finance, 39, Sciences, 37(part B4), 163–166.
597–604. https://doi.org/10.1016/S2212-5671(16)30304-5 Waarderingskamer. (2016). Jaarverslag 2015
Isikdag, U., Horhammer, M., Zlatanova, S., Kathmann, R., & Waarderingskamer. Council for Real Estate Assessment.
Oosterom, P. V. (2015) Utilizing 3D building and 3D Wyatt, P. (1996). Using a geographical information system
cadastre geometries for better valuation of existing real for property valuation. Journal of Property Valuation and
estate. FIG Working Week 2015 Sofia. Investment, 14(1), 67–79. https://doi.org/10.1108/
Linne, M. R., & Cirincione, J. (2010). Integrating geographic 14635789610107507
information and valuation modeling for real estate. The Yomralioglu, T., & Nisanci, R. (2004). Nominal asset land
Appraisal Journal, 370–379. https://www.appraisalinstitute. valuation techniques by GIS. Valuation Techniques and
org/innovative-technology-will-define-valuations-future- Application, 1-9. Retrieved June 9, 2017, from https://
new-appraisal-institute-book-says/ www.researchgate.net/publication/241239848
McCluskey, W., Deddis, W., Mannis, A., McBurney, D., & Zhao, Z. (2011). Design and implementation of an
Borst, R. (1997). Interactive application of computer object-oriented space-time GIS data model.