Published date | 14 July, 2019

Tanuj Shori on Leaders of Tomorrow, Season 7

CEO and Co-Founder at Square Yards, Tanuj Shori, was featured ET Now in an exclusive interview where he stated that the scope arose with the founders willing to invest in some opportunities in the sector where historically few had scaled up.

With its Azadi Tour, Square Yards, India’s foremost proptech start-up, has firmly consolidated its market presence, enabling a record number of 950 transactions through this stand-alone marketing campaign. Square Yards is one of the primary players in the organized proptech ecosystem, driving higher employment and real estate growth in turn through technology driven property transactions and its unique aggregation based platform. Square Yards is a one-stop solution when it comes to buying, investing, renting or selling property.

CEO and Co-Founder at Square Yards, Tanuj Shori, was featured ET Now in an exclusive interview where he stated that the scope arose with the founders willing to invest in some opportunities in the sector where historically few had scaled up. The model is majorly based on manpower-technology integration, enabling middlemen on the ground, keeping an eye on customer servicing and fusing all parts of the business together. Square Yards is the biggest real estate distributor in India, managing consumer demand and journeys and building enterprise solutions for enhancing productivity.

Heterogeneous asset classes like real estate will always have certain value chains remaining offline although in the mortgage side, it should be 100% digitized over a certain time period, being a homogenous product, customers being interested in the cost of the product. Square Yards is working with the biggest principals and banks for ushering in solutions that will integrate technology with finance and enable better transactions according to him.

When asked about the Azadi Tour, Tanuj Shori stated that the campaign was conceptualized roughly one year back and that was the time when Big Billion Day was making a splash in the e-commerce sector. Square Yards worked on a thought process that as long as a chunk of inventory at accessible pricing was made available across cities, locations and developers, some velocity would be possible in the sector. This was then drafted into a viral marketing campaign with the idea being to reach out to as many people as possible while integrating customer acquisition to offline participation of customers walking into experience centres for those two days and buying the product. It was a bigger success than expected, generating 10,000 walk-ins at experience centres and close to 1,000 on-spot transactions.

This campaign has been replicated and followed by several successful campaigns over the last 7 months, creating an industry standard around it. On Square Connect, he stated that 80-90% of the market is handled by independent and small brokers who do not have technological prowess. Square Connect will enable better efficiency and productivity for realtors as an enterprise platform where they can have access to projects, listings, interact with each other and consumers while being helped in solving operational issues. It has been a successful proposition and over the last 12 months, 25-30,000 independent brokers have shifted to this platform according to him. On a daily basis, they are engaging with consumers and each other while driving more transactions.

Tanuj Shori also outlined the growth opportunity for India’s real estate sector through the following key points:

  1. In a country of 1.1 billion people and hardly 30-40% of home ownership, the market opportunity is huge.
  2. With 35% of urbanization roughly at present, around 200 million people will be moving to cities over the next decade.
  3. Taking families into account, this represents a market opportunity to serve 50-60 million transactions which is huge as compared to overall supply that gets built.
  4. Macro variables add more heft to the future opportunity for Indian real estate in terms of there being enough latent demand for homes which are located in the right micro markets and are priced right.
  5. Developers over the last 12 months are selling straight off the shelf for housing products that are priced right and positioned in mass market segments. This trend should continue.
  6. The value of depth has been realized by the sector and it needs more maturity in terms of reaching out to the right audiences with suitably tailored products.
  7. There is huge demand in the price band between Rs. 20-80 lakhs, particularly from first-time homebuyers and millennials in the market at present.

Shori also stated that Square Yards will focus more on customer acquisitions over the next couple of years in a bid to ramp up market share to 10% while tapping opportunities with assets like Square Capital and Square Connect. Global expansion will be a major growth driver for the company going forward according to him. Having tasted huge success in Dubai, the model is being replicated in cities like Hong Kong, Toronto and others. Over the next 5 years, global real estate will be a major contributor towards revenues and overall growth at Square Yards according to him.

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Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.