The number of dwellings built in Bangladesh climbed from around 101,000 in 2010-2011 to about 219,000 in 2018-2019, according to the BBS (Bangladesh Bureau of Statistics). At the same time span, the total floor space of buildings rose as well, rising from around 46 million square meters to almost 96 million square meters. In Bangladesh, the real estate industry provides about 7% of the GDP and employs about 1.5 million people, according to a World Bank report. However, one of the biggest problems facing the industry is the absence of accurate data on real estate transactions. In Bangladesh, the real estate industry is confronted with difficulties relating to land use and management, urbanization and infrastructure development, and regulatory constraints, according to UNDP research. The report notes that the sector is characterised by a lack of transparency and accountability, and that there is a need for more reliable and comprehensive data to support decision-making.
Addressing the Lack of Transparency and Information Asymmetry in the Real Estate Sector in Bangladesh
Millions of people are employed in Bangladesh’s real estate industry, which also contributes significantly to GDP and the nation’s economy as a whole. Yet, the industry encounters a number of issues with data accessibility, information asymmetry, and transparency. Making informed judgments is challenging for many customers and developers due to the lack of trustworthy and complete data on real estate transactions, land prices, and nearby amenities. The lack of openness in the industry erodes public confidence and supports corruption and other unlawful activities. A platform that can employ AI to gather, analyze, and present real estate data in an approachable and accessible manner is required to address these issues. A platform like this could help promote a more open and effective real estate market in Bangladesh by offering insightful information and advice to real estate developers and buyers.
There are already several websites in Bangladesh that offer real estate listings and related services. On these websites, users can access various information on houses that are for sale or rent, such as property descriptions, photographs, maps, and contact information for agents or property owners. Further features offered by some of these portals include mortgage calculators and virtual tours of properties.
Nevertheless, most of these platforms do not use AI or other cutting-edge technology to analyze data and give consumers insights, and they usually have limitations in terms of the accuracy and thoroughness of the data they offer. Moreover, the lack of openness and information asymmetry in Bangladesh’s real estate market may reduce these platforms’ ability to effectively meet the needs of consumers and developers.
Research previous work and Data Collection. Task leader assignments and distribution of the duties.
Exploratory Data Analysis
Feature Engineering and Model Development
Model Analysis, Interpretation and Visualisation.
Finalising API testing, Final product handover and Final Presentation of the task leaders.
1. Improved accuracy and comprehensiveness of real estate data analysis
2. Improved capacity to spot trends and patterns in real estate data.
3. Quicker and more effective data analysis.
4. More personalized property insights and suggestions 5. Creation of artificial intelligence-based forecasting models for real estate prices and trends.