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Software effort estimation is a vital process in the software industry for successfully administering 5Ds of the software development life cycle (SDLC). The 5Ds stand for demand, development, direction, deployment, and designated cost of the software. Software development effort estimation (SDEE) is an effort prediction mechanism to calculate the effort for the development of the software product in order to minimize the challenges in the software field. Academics and practitioners are striving to identify which machine learning estimation technique yields more accurate results based on evaluation metrics, datasets, and other pertinent aspects. The feature selection techniques impact accuracy by selecting the main and relevant features in the dataset and eliminating the redundant and irrelevant features in the dataset. To achieve accurate estimations, the paper utilizes feature selection algorithms, along with various machine learning techniques, which predict the desired effort and the performance of the model has been measured in terms of prediction accuracy, R2 value, relative error, and mean absolute error. The datasets China and Maxwell are trained with the relevant features by applying feature selection algorithms, and estimation techniques are applied to predict the effort. The performance is compared with the regression models and feature selection techniques utilized by many authors previously. The result of the proposed methodology significantly gives the best performance with the combination of feature selection and estimation models than all regression models when applied alone, to both datasets. From the results, it is perceptible that random forest is performing well with the feature selection techniques and obtains the highest prediction accuracy of 99.33% with the China and 89.47% with the Maxwell datasets. [ABSTRACT FROM AUTHOR]