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    Rera Model

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    omkannamwar91
    The document outlines an approach to designing an evaluation model to assess builder credibility using data retrieved from the Real Estate Regulatory Authority (RERA). It involves collecting data from RERA and other sources, preprocessing the data, extracting quantitative and qualitative features, selecting an appropriate machine learning model, training and validating the model, making the model interpretable, and deploying it as a software application that stakeholders can use to input data and receive a credibility score for builders. Challenges include ensuring reliable data availability and quality, regulatory compliance, and avoiding bias. The current Builder Assessor functionality is described as receiving a RERA number, retrieving relevant public data, conducting a comprehensive analysis, assigning a credibility score, and providing a

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    Rera Model

    Uploaded by

    omkannamwar91
    7 views3 pages
    The document outlines an approach to designing an evaluation model to assess builder credibility using data retrieved from the Real Estate Regulatory Authority (RERA). It involves collecting data from RERA and other sources, preprocessing the data, extracting quantitative and qualitative features, selecting an appropriate machine learning model, training and validating the model, making the model interpretable, and deploying it as a software application that stakeholders can use to input data and receive a credibility score for builders. Challenges include ensuring reliable data availability and quality, regulatory compliance, and avoiding bias. The current Builder Assessor functionality is described as receiving a RERA number, retrieving relevant public data, conducting a comprehensive analysis, assigning a credibility score, and providing a

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    The document outlines an approach to designing an evaluation model to assess builder credibility using data retrieved from the Real Estate Regulatory Authority (RERA). It involves collecting data from RERA and other sources, preprocessing the data, extracting quantitative and qualitative features, selecting an appropriate machine learning model, training and validating the model, making the model interpretable, and deploying it as a software application that stakeholders can use to input data and receive a credibility score for builders. Challenges include ensuring reliable data availability and quality, regulatory compliance, and avoiding bias. The current Builder Assessor functionality is described as receiving a RERA number, retrieving relevant public data, conducting a comprehensive analysis, assigning a credibility score, and providing a

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    7 views3 pages

    Rera Model

    Uploaded by

    omkannamwar91
    The document outlines an approach to designing an evaluation model to assess builder credibility using data retrieved from the Real Estate Regulatory Authority (RERA). It involves collecting data from RERA and other sources, preprocessing the data, extracting quantitative and qualitative features, selecting an appropriate machine learning model, training and validating the model, making the model interpretable, and deploying it as a software application that stakeholders can use to input data and receive a credibility score for builders. Challenges include ensuring reliable data availability and quality, regulatory compliance, and avoiding bias. The current Builder Assessor functionality is described as receiving a RERA number, retrieving relevant public data, conducting a comprehensive analysis, assigning a credibility score, and providing a

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    INFO FETCHED FROM RERA (RERA for each state and union territory)

    From RERA, you can fetch a variety of data about a builder or a construction company,
    including but not limited to:

    1. Project Details: Comprehensive information about registered projects, including project name,
    location, detailed project reports, layout plans, and the stage of construction. This includes
    approvals and commencement certificates from the competent authority.

    2. Financial Details: Information about the project's financial aspects, such as the amount of
    money collected from allottees and the usage of these funds. Details about the project's bank
    account, including the maintenance of a separate account for every project to ensure that funds
    collected for one project are not diverted to another.

    3. Builder/Developer Details: Information about the builder or developer, such as the company's
    background, track record, past projects, and any legal cases against the company or its projects.

    4. Project Registration Status: Whether the project is registered under RERA, which is a
    mandatory requirement for all commercial and residential real estate projects where the land is
    over 500 square meters or includes eight apartments or more.

    5. Quarterly Updates: Builders are required to submit quarterly updates on the project's progress,
    including the status of construction and the finances.

    6. Agent Registration Details: Details about real estate agents who have been registered under
    RERA, including their registration number and the projects they are authorized to sell.

    7. Litigation Details: Information about any litigation or legal issues associated with the builder
    or their projects.

    8. Grievance Redressal: Information on any grievances lodged against the builder or project and
    their current status.

    9. Approval Status: Details on the statutory approvals obtained, pending, and applied for
    concerning the project from local municipal authorities or any other relevant body.

    10. Property Types and Availability: Details about the types of properties available in the project,
    such as apartments, villas, commercial spaces, their sizes, price ranges, and availability status.

    11. Legal Title: The legal title of the land on which the development is proposed, including
    details of encumbrances if any.

    12. Sample Agreements: Copies of the standard agreements to be signed with the buyers.
    13. Government Approvals: Details about the approvals and NOCs (No Objection
    Certificates) obtained from various government departments for the project.
    This information must be regularly updated by the builders on the RERA website for each state
    where the project is located. It ensures that buyers have access to all the relevant information
    they need to make informed decisions about purchasing property. Each state's RERA website
    provides a platform where this data can be easily accessed by the public.

    An approach to designing an evaluation model by leveraging the information


    retrieved from RERA

    1. Data Collection
    • RERA Listings: Scrape or collect data from RERA's website for each state, focusing on
    the information types listed previously (project details, promoter's background, financial details,
    legal title, status updates, government approvals, litigations, etc.).
    • Additional Sources: Consider augmenting this with external data sources such as court
    records for litigations, financial databases for company financial health, customer reviews, and
    ratings from various platforms.

    2. Data Preprocessing
    • Cleaning: Clean the data for inconsistencies, missing values, and outliers.
    • Integration: Integrate data from multiple sources to create a unified database with all
    relevant information about each builder.

    3. Feature Engineering
    • Quantitative Features: Extract numerical data such as the number of completed projects,
    average project delays, financial stability indicators, and the scale of projects.
    • Qualitative Features: Encode qualitative data like legal status, customer satisfaction (from
    reviews), and government approvals into a numerical format using techniques such as NLP
    (Natural Language Processing) for text analysis and sentiment analysis.
    • Historical Performance Metrics: Create features that reflect the builder's past
    performance, including any legal issues, the success rate of projects, and overall market
    reputation.

    4. Model Selection
    • Algorithm Choice: A regression model or a sophisticated ensemble model (like Random
    Forest or Gradient Boosting Machines) could be suitable for scoring builders based on the
    features. For a more nuanced analysis, consider a multi-criteria decision-making model (MCDM)
    or machine learning models that can handle complex relationships.
    • Scoring Mechanism: Design a scoring mechanism that aggregates the different features
    into a comprehensive credibility score. This could involve weighting different aspects of the data
    according to their importance.

    5. Training and Validation


    • Cross-Validation: Use techniques like cross-validation to evaluate model performance,
    ensuring that the model is not overfitting and can generalize well to unseen builders.
    • Performance Metrics: Utilize appropriate metrics such as R² for regression models, or a
    custom scoring function that aligns with business goals.

    6. Interpretability
    • Feature Importance: Analyze the model to understand which features are most influential
    in assessing builder credibility. This helps in providing a breakdown of the score.
    • Model Explanation Tools: Use tools like SHAP (SHapley Additive exPlanations) or
    LIME (Local Interpretable Model-agnostic Explanations) to explain individual predictions.

    7. Deployment and Monitoring


    • Application Integration: Integrate the model into a software application where
    stakeholders can input data about a builder and receive a credibility score.
    • Continuous Monitoring and Updating: Regularly update the model with new data and
    monitor its performance over time to ensure its predictions remain accurate and relevant.
    Challenges and Considerations
    • Data Availability and Quality: Ensuring access to reliable and up-to-date data from
    RERA and other sources is crucial for the model's accuracy.
    • Regulatory Compliance: Be mindful of privacy and regulatory considerations, especially
    when dealing with financial and personal data.
    • Bias and Fairness: Carefully examine the model

    Current Builder Assessor functionality outlined

    1. Receive a RERA Number: Start by providing a RERA number for evaluation.

    2. Data Retrieval: Fetching all relevant public information from the RERA website based on
    the provided RERA number.

    3. Comprehensive Analysis: The GPT runs a detailed model to assess the builder on various
    fronts, as previously discussed.

    4. Score Assignment: A credibility score in the range of 1-1000 is given, with a


    comprehensive breakdown of the scoring.

    5. Summary and Recommendation: Finally, it provides a reasoned summary, advising on


    potential long-term collaborations with the builder, supported by detailed analysis and actual
    data where applicable.

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