Magicbricks Launches PropWorth Property Valuation Tool

New Delhi, Jul 9 (PTI) Magicbricks, one of the leading real estate platforms, has launched a property valuation tool 'PropWorth' for prospective buyers and sellers.

The tool, powered by an advanced machine learning algorithm, will assist buyers and sellers in evaluating the estimated price for any property, Magicbricks said in a statement on Tuesday.

Trained on 15 years of data and over 30 million listings, PropWorth covers 50,000 projects in 5,500 localities across 30 cities, offering comprehensive valuations for various property types, including apartments, independent houses, and villas.

According to Magicbricks, residential demand has surged by 23.8 per cent over the past three years, with property prices increasing by nearly 42.6 per cent across major cities.

PropWorth tool would empower homeowners to assess their property values, delivering an impressive accuracy rate of 98 per cent, Magicbricks said.

Magicbricks CEO Sudhir Pai said, "In today's dynamic real estate market, accurate property valuation is more important than ever. PropWorth uses data-driven estimates to ensure quick and precise property valuation, eliminating guesswork. This clarity empowers buyers and sellers to make well-informed decisions confidently".