Square Yards leads online real estate space with record revenues
New Delhi, May 5: Real Estate start-up Square Yards on Friday announced a record fourth quarter gross revenue of USD 5.8 million (around Rs. 38 crores) with a Gross Transactional Value ( GMV) of more than USD 184 million achieving a YOY growth of 103 percent when compared to same period last year.
This growth assumes significance because it has been achieved in the backdrop of a slowing real estate market over the past few years and more specifically just after the last year’s demonetisation move by the government.
Among its fastest growing business segment are Capital (loans and mortgages) that grew by 450 percent and International real estate that grew by 250 percent YOY compared to same period last year.
Within Indian real estate, the NRI segment continues the strong performance and it now contributes more than 40 percent to group’s overall revenues.
“The growth demonstrates our ability to deliver in toughest of market conditions. We have achieved a scale where our numbers are larger than what some of the biggest developers and NBFCs in India do today,” said founder and CEO Square Yards, Tanuj Shori.
Further to this, he said that going forward, with improved market sentiments and Real Estate Regulatory Bill ( RERA) kicking in, we expect to further consolidate our number one position.
Indian online real estate space has witnessed a flurry of activities in the recent period. Online classified and listing segment, where the monetization opportunity was lesser, had attracted a disproportionate share of amounting VC investments. On the other hand, transactions brokerage segment is the largest segment of the market with an addressable market size of USD 3.7Bn growing at 16 percent CAGR as per a recent estimate.
Globally also, transaction players have grown faster to become much larger in size compared to listing platforms. For example, Lianjia in China – a similar player like Square Yards – has grown to USD 6.2 billion of valuation much ahead of its listing platform peers in China. (ANI)