An Empirical Testing of a House Pricing Model in the Indian Market

• 발행기관: 한국유통과학회
• 저자명: Najmul HODA Syed Ashraf JAFRI Naim AHMAD Syed Mannawar HUSSAIN
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 7 No.8, 33~40쪽, 전체 8쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2020.08.30

영문 초록

The main aim of the study is to test a house pricing model by combining hedonic and asset-based pricing models. An understanding of the relationship between house pricing and its return (the rental income) helps to establish houses as a significant asset class. The model tested the relationship between house pricing (dependent variable) and the house attributes (independent variables) derived from Freeman’s framework of housing attributes. This study uses a large data-set of 1,899 sample of new, high-end houses purchased between 2016 and 2019 collected from the national capital region of India (Delhi-NCR). The algorithm was built in R-Script, and stepwise multiple linear regression was used to analyze the model. The analysis of the model proves that the three significant variables, namely, carpet area, pay-off, and annual maintenance charges explain the price function. Further, the model is statistically fit. The major contribution of the study is to understand the key factors and their influence on the house pricing. The model will be helpful in risk assessment in the housing investment and enhance the chances of investment. Policy-makers can use information about the underlying valuation drivers of the house prices to stabilize the market and also in framing the tax policies.

목차

1. Introduction

2. Literature Review

3. Research Methods and Materials

4. Results and Discussion

5. Conclusions

References

키워드

House Pricing Model Asset Pricing Model National Capital Region R-script Step-wise Multiple Linear Aggression