Indian online to offline real estate startup Square Yards has announced it has crossed $USD 1 billion in terms of the total value of properties sold through its platform.
The company, which recently completed three years of operations, has sold a cumulative 9 million square feet of property from 350+ developers to more than 8,500 customers worldwide.
As it enters the next phase of growth, Square Yards is taking initiatives to transform the real estate brokerage ecosystem in India by bringing global best practices such as Developer Due Diligence, internal ERP's, Escrow Mechanisms and Tripartite Agreement Structures involving the developer financing entity.
Square Yards' CFO & Principal Partner Piyush Bothra said:
“The USD 1 Billion GMV is a significant achievement considering that overall real estate market sentiments were down for the past few years. The sector is still largely unorganized and fragmented. It demonstrates our ability to deliver in toughest of market conditions. Going forward, with improved market sentiments and Real Estate Regulatory Bill (RERA) kicking in we expect to further consolidate our leadership position and build a highly scalable model with multiple barriers to entry.”