A MAJOR PROJECT SYNOPSIS
ON
REAL STATE
A project synopsis is submitted to
Vivekananda Institute of Professional Studies - Technical Campus
In the partial fulfilment of the requirement for the award of degree of
Master of Computer Application
SUBMITTED BY:
DEEPANSHU SINGH
70717704423
MCA-3C
Under the guidance of
DR. ALPNA SHARMA
Vivekananda Institute of Professional Studies
(Affiliated To Guru Gobind Singh Indraprastha University)
AU- Block (Outer Ring Road), Pitampura, Delhi - 110034.
(2023-2025)
SYNOPSIS
Title: Real Estate Price Prediction and Recommendation System
1. Introduction
Project Title: Real Estate Price Prediction and Recommendation System
Short Description:
A Python-based AI system that predicts property prices and provides location-based
recommendations using machine learning. The system integrates historical pricing trends,
user preferences, and additional real estate insights to enhance decision-making for buyers,
investors, and sellers.
Technology Stack:
• Programming Language: Python
• Libraries Used: Pandas, NumPy, Scikit-Learn, Matplotlib, Seaborn, Streamlit
2. Problem Statement
The real estate market is dynamic, with property prices fluctuating due to various factors like
location, demand, and amenities. Buyers and investors often lack reliable data-driven insights,
leading to misinformed decisions. Traditional pricing models fail to provide accurate
estimates, and property searches are often time-consuming. This project introduces a Real
Estate Price Prediction and Recommendation System that leverages machine learning to
provide precise property price predictions and personalized location-based
recommendations, making property searches more efficient and insightful.
3. Objectives and Scope
Objectives:
• Develop an AI-powered system that predicts property prices based on real estate data.
• Provide location-based recommendations tailored to user preferences.
• Visualize market trends and pricing patterns to assist buyers and investors.
• Allow users to compare properties in different locations based on various factors.
• Ensure secure login and user management for a personalized experience.
Scope:
• Can be used by buyers, sellers, and investors for real estate decision-making.
• Can integrate real-time data updates from APIs to reflect market trends.
• Has the potential to expand into rental price predictions and investment analysis.
• Can be extended to include sentiment analysis from user reviews and market news.
4. Methodology
The project follows the Software Development Life Cycle (SDLC) methodology:
1. Requirement Analysis – Collect real estate market data and define user needs.
2. Design & Architecture – Plan the database schema, UI/UX, and AI model integration.
3. Development – Implement core modules like price prediction, recommendation
system, and data visualization.
4. Testing – Conduct unit, integration, and system testing.
5. Deployment & Maintenance – Ensure scalability, usability, and future updates.
5. Hardware & Software Requirements
Hardware Requirements:
• Processor: Intel Core i5/i7 or AMD equivalent
• RAM: Minimum 8GB (16GB recommended for large datasets)
• Storage: Minimum 256GB SSD (HDD may slow down computations)
• GPU (Optional): Recommended for faster AI model training
Software & Libraries:
• Python IDE: Jupyter Notebook / PyCharm / VS Code
• Database: MySQL / PostgreSQL
• Required Python Packages: Pandas, NumPy, Scikit-Learn, Matplotlib, Seaborn,
Flask/Django
6. Testing Approach
• Unit Testing: Checking individual components like price prediction, recommendation
system, and database queries.
• Integration Testing: Ensuring smooth interaction between the UI, database, and AI
models.
• System Testing: Validating the entire application against performance benchmarks.
• User Acceptance Testing (UAT): Ensuring usability and effectiveness from the end-user
perspective.
7. Unique Selling Points (USP)
• AI-powered Price Prediction: Uses historical data and machine learning models to
provide accurate property price estimates.
• Location-Based Recommendations: Helps users find suitable properties based on
preferences like budget, amenities, and connectivity.
• Real-time Market Insights: Provides data visualization on pricing trends and demand
analysis.
• User-Friendly Interface: Simple login, search, and filtering options for easy navigation.
• Scalability & Future Integrations: Can be expanded to include rental yield analysis,
mortgage calculators, and real-time market updates.
8. Limitations & Constraints
• Data Dependency: Prediction accuracy depends on the quality and availability of real
estate data.
• Market Volatility: Unexpected economic changes may affect property prices
unpredictably.
• Limited Features in Initial Version: Advanced features like live API integration and
sentiment analysis will be part of future updates.
9. Conclusion and Future Scope
This project aims to revolutionize real estate decision-making by leveraging AI-driven
insights. The Real Estate Price Prediction and Recommendation System will help buyers,
sellers, and investors make data-driven choices with confidence.
Future Scope:
• Integration with real-time real estate market APIs for live data updates.
• Expansion to rental property analysis and mortgage calculations.
• Incorporation of sentiment analysis from customer reviews and market trends.
• Advanced AI models for predictive analytics on investment returns.
10. References & Bibliography
• Research papers on real estate pricing models and AI applications.
• Online real estate datasets and market reports.
• Machine learning documentation and data analytics resources.
