Investigation into valuation of land using remote sensing and GIS in Madurai, Tamilnadu, India

Assessing the value of property is important in the real estate activity. Important factor to assess the property value is the location of the property. In India, value of a property is mainly evaluated by the guideline value and the market value. This paper addresses the effect of different parameters that affect the market value in Madurai Corporation area. It also addresses the implementation of urban valuation on a Geographic Information System for better decision-making. The valuation of the land depends upon the popularity and also the facilities around in that area. The spatial data constitutes the location information of the assets and the attributes that contain the details of the assets. Quantum GIS software is used for the storage 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.