Square Yards, one of the country’s foremost property brokerage firms, has reported growth in revenues to the tune of 53% in Q1 FY2019-20 between April and June. Revenues have touched Rs. 60 crore in this duration as per senior company officials. In this quarter, Square Yards, backed by Reliance Group, which is spearheaded by Anil Ambani, has already stated that real estate operations accounted for 64% of total revenues while global real estate accounted for 25%. The remainder (11%) was accrued from the company’s mortgage division.
The first quarter of the current financial year is seasonally, the weakest possible quarter for the real estate sector following the best one between January and March. The CEO at Square Yards, Tanuj Shori, stated that new launches and real estate sales are both at significant lows annually and the current year has been the same. He added that volumes had touched all-time lows across the top 9 Indian cities added with regulatory restrictions related to lending rules in terms of mortgage offerings.
Tanuj stated that Square Yards had posted stellar results amidst a weak environment for the industry with 53% revenue growth. He also stated that there was an increase of 80% (year-on-year) for distribution expansion or the increases in sales employees which has been consistent with expansion undertaken in the previous quarter. Square Yards launched Square Edge, the developer enterprise platform in the previous quarter while re-launching Square Connect, its platform for broker aggregation. It has also commenced on brand campaigns with an aim towards positioning itself as the first and foremost solution when it comes to the whole property purchase experience.
Tanuj Shori stated that Square Yards will keep building distribution capacity while building both physical and technical infrastructure in preparing for a growth aim of 100% for FY2019-20. The annualized revenue run rate for the last 6 months has touched $42 million or approximately Rs. 295 crore and the company will maintain its forecast of Rs. 385-420 crore or $55-60 million in revenues for the financial year. Square Yards posted Rs. 220 crore in revenues in FY2018-19 as compared to Rs. 160 crore in FY2017-18.
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.