Leading proptech and brokerage platform for real estate, Square Yards, has confirmed more than 4,300 real estate transactions with revenues of approximately Rs. 83.6 crore for the quarter concluding in March, 2020, in spite of the COVID-19 outbreak and the nationwide lockdown. The company has posted its second consecutive and best-ever quarterly performance between January and March this year, witnessing 36% growth in annual revenues. Revenues have touched a whopping Rs. 298 crore for this period. The company had 10% of revenue growth in March 2020 as compared to February as well.
The CEO & Founder at Square Yards, Tanuj Shori, stated that the company remained technologically prepared, while tapping current market circumstances for deploying its digital services and solutions for real estate in tandem with neatly structured products with the countrys biggest developers. He added that the company still maintains its FY2020-21 guidance for growth of more than 80%. Square Yards witnessed gross transaction values of Rs. 6,000 crore for the financial year with more than 15,500 transactions in all. Collections increased by a handsome 47% as compared to the year-ago period, standing at Rs. 227.5 crore.
This was the third such profitable business quarter for Square Yards out of the last 5 quarters. Although the realty market stayed on the weaker side in the last quarter owing to the nationwide lockdown, Square Yards consistently surpassed market performance, ensuring 5% sequential revenue growth as well. For the whole financial year, the top 5 developers accounted for 33% of total volumes. Gurgaon, Dubai, Pune, Noida and Mumbai were the regions contributing the most to revenues while 42% of share was held by the top 3 cities. As per the company, a majority of sales volumes in the period were driven by top realty players like Emaar and Godrej Properties.
April is also going strong so far for Square Yards and the company remains on track to deliver the highest number of monthly transactions likewise. April could be one of the most high-performing months in the companys history according to Tanuj Shori. The company is also planning a scale-up of overall distribution capacity for the primary real estate category along with building technological and physical infrastructure across ancillary categories like property management, Enterprise SaaS and rentals for achieving the same. Square Yards raised $20 million from several investors in equity last September. The investors included Genkai Capital, the Times Group, the ex-Chairman of Singtel and DBS, Koh Boon Hwee and founders at PropertyGuru, the online realtor brand from Southeast Asia, Jani Rautiainen and Steve Melhuish.
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.