The real estate industry has always grappled with a lack of technology usage and remained a laggard for a long time in terms of technology adoption. The real estate industry currently is pegged at USD 12 billion and is expected to reach USD 1 trillion by 2030, contributing 13% of the country’s GDP by 2025. Imagine running such a huge industry without technology in the 21st century? In the real estate sector, when it comes to selling a residential or commercial project usage of technology is negligible. Currently, almost 95 percent of real estate developers and brokers are averse to technology rely on physical relationships for selling properties. Even many of the Grade A developers in India are a novice when it comes to inducting technology for conducting business.
The coronavirus induced crisis and lockdown have changed this picture. Real estate developers who were averse to technology felt the need for it. Amid COVID-19 pandemic, real estate developers and market experts are busy in evaluating the impact of the ongoing crisis in real estate, but online sellers are leading the industry from the front with technology at its helm and are increasing their market share drastically.
Amidst adversity, multiple online sellers (Proptech) companies are emerging triumphant, thanks to their far-sighted vision and right induction of technology. In the middle of the lockdown and coronavirus crisis, real estate developers and physical brokers are struggling to do business. Unable to sell their inventory amid lockdown, developers and brokers are collaborating with online sellers to keep the wheels rolling. Competition in the Online Real Estate market has dwindled due to COVID-19 pandemic. Online sellers are taking advantage of these circumstances and pursuing their business aggressively. The bottom line, technology has become the backbone of the industry now, going forward sector will witness hefty investments in the adoption of technology.
One success story amidst the ongoing lockdown and coronavirus crisis is Square Yards. Square Yards being a technology-centric online property seller is reaping the benefits of putting technology at the center of its business. The company has launched Book.Squareyards.com a digital platform for property transactions.
Square Yards has deployed immersive virtual technology such as 3D walk-through, locality videos, payment gateway, online document verification, home loan assistance, and digital signature facilities. In a nutshell, Book.squareyards.com is offering an end-to-end digital transaction platform to complete the real estate transaction. Realty investors and homebuyers can choose their properties conveniently on their fingertips using this digital platform without any hassle.
Square Yards with a 2% market share in the real estate industry is steadily becoming a dominant player and a force to reckon with. The company has been doing tremendous business amidst COVID-19 lockdown and closed 500+ transactions in just 18 days in the month of April. With this vigor, Square Yards is expected to capture up to 4% of the entire market by the closure of this current financial year. Square Yards is riding high during lockdown due to its strong technology and sales teams.
To prove the mettle of Square Yards, our strong sales team has completed 150+ units’ transactions of Cyberthum, a project by Bhutani Infra, in just 18 days of April despite the lockdown. Where real estate developers are barely able to sell any inventory or struggling to close deals, Square Yards is using this crisis to surge ahead of its competitors and stamping its authority in the proptech domain.
With 1 lakh+ brokers, our broker-to-broker online platform, Square Connect, is helping to strengthen customer relationships and connect with brokers amid lockdown.
The real estate industry over the last few years has witnessed price correction of around 15-20% and home interest rates are at the lowest level at present. It is an excellent opportunity for realty investors and homebuyers to acquire properties without any hassle with Square Yards.