DLD adopts AI technology in the smart valuation process of real estate units
As part of its keenness to provide smart services in line with the Dubai Paperless Strategy and achieve the government’s smart transformation strategy, Dubai Land Department (DLD), through the Registration and Real Estate Services Sector, announced the completion of a project that relies on artificial intelligence in the smart valuation process of real estate units.
The first-of-its-kind project relies on artificial intelligence in the smart valuation process for real estate units, in line with DLD’s approach, which regards innovation as a fundamental pillar for making and shaping the future. As a result of this project, DLD would be contributing to improving the quality, efficiency and readiness of smart government services to keep pace with the requirements of the future and meet the needs of society as well as simplify procedures by managing and reducing the time taken to implement the valuation process.
His Excellency Sultan Butti bin Mejren, Director General of Dubai Land Department, said: “DLD is continuously seeking to strengthen Dubai’s leading position as a vital model for smart cities in the world. We believe that this pioneering smart project will help us raise our ranking on global performance indexes in terms of providing the best valuation services to our customers at high speeds and with complete transparency. This is made all the more evident since our cadres are now highly qualified and trained to deal with these technologies as well as provide the best applications that can be easily dealt with.
To ensure its optimum success, accurate data relying on smart technologies will be provided to customers. The smart valuation service for real estate units will be provided on DLD’s smart application, Dubai REST, that customers may download from the App Store or Google Play.
Majid Saqr Al Marri, CEO of the Registration and Real Estate Services Sector at DLD described this service as a major development for providing quality services with a high level of performance to ensure customer comfort and happiness. He added: “The smart valuation team has worked with a third party from the private sector, represented by ‘Crayon,’ to achieve an unprecedented reliance on artificial intelligence in the smart valuation of real estate units and provide an immediate, reliable and robust service. As a result, real estate units will be valuated without the need for most of the required documents through the interconnection of local databases and external systems, using an advanced model of artificial intelligence, based on accurate algorithms to analyse millions of transactions and data with extreme accuracy.
The steps to conduct the valuation are handled through Dubai REST, starting with establishing the type of user, determining the means of entry, submitting the ID number, and receiving a letter containing the verification number. Once all the data of the owner and that of the owned real estate appears, the user would select the property to be valuated for its data to be displayed. After that, all the required documents must be submitted and the fees paid through the Noqodi wallet — a confirmation of the payment process would be generated. The process ends with the delivery of the valuation certificate directly to the client.
DLD expects the project to help reduce the implementation time of valuation services to 15 seconds and reducing their cost by 20% as well as raise customer happiness by 90%. The project will be in line with the standards set by the Dubai Model Centre of the General Secretariat of the Executive Council of Dubai to measure the level of efficiency, effectiveness and sustainability of websites, smart applications, and government call centres. The experience of customers is the main measure of determining the level of excellence in addition to the satisfaction, happiness and well-being of the customer and the community, both of which are a top priority for the government of Dubai.
The project will conform to the highest standards of security, efficiency, ease of use, privacy, and ability to process information and support the process of transformation into a smart government in the emirate of Dubai, which adopts a unique model in government development to translate the vision of our leadership in customer happiness and enhance the well-being of society.
Source: Cosntruction Business News, Kasun Illankoon, https://www.cbnme.com/news/dld-adopts-ai-technology-in-the-smart-valuation-process-of-real-estate-units/