The COVID Pandemic outburst brought the entire world to a standstill. While things went for an upside-down trip and several leading businesses adversely struggled during these challenging times, Square Yards Co-founder and CEO Tanuj Shori in a story on Money Matters with Shradha Sharma, Founder and Chief Editor of YourStory.com, explained how the forced shift to digital actually helped this proptech startup break several records and clock outstanding results in April amid the pandemic.
Incepted in 2014 by Tanuj Shori and Kanika Gupta Shori, Square Yards is a proptech brokerage and mortgage marketplace. The startup is ranked among the top 50 in terms of revenue in India, as it clocks an average of $50 million, and has also achieved profitability.
Fast forward 6 years, Square Yards presently operates in more than 25 cities across the globe and has over 3,000 employees across nine countries including Australia, Canada, and Gulf countries.
He explained how the company successfully managed to build a profitable business amid Lockdown when there was a perception that real estate sector might slow down due to the economic uncertainties. Square Yards has been rigorously working over the years to make a digital shift, finally pushed the stakeholders to go digital during the lockdown.
He further explicated, how the rapid shift to digital helped Square Yards outshine amid the pandemic. Understanding the need of the hour, the company launched a digital real estate platform that automizes the complete value chain of a real estate transaction starting right from presales with online virtual tours & 3D walkthroughs. This smart digital platform that is integrated with multiple payment gateways and post-sales module for submission of online applications with digital signatures enabled the home buyers to buy property online and avail lockdown offers by leading developers across top metro cities in India.
Talking about the current real estate scenario due to COVID outbreak, he averted that India being a land of a billion consumers, we were positively astounded about the fact that there are several consumers with capital who are looking at the crisis as an opportunity to invest at a time when property prices have been significantly slashed down by the developers to sell off their piled up inventory. Tanuj Shori believes that there is no such issue with the demand but supply has always been a pain point. A reduction in GST on stamp duty can help with the increase in demand for real estate properties, there is an urgent need for the government to overhaul the taxation system in the real estate market.
Surprisingly Square Yards has 22 co-founders on-board who have been successfully driving the business growth for the company. Tanuj further added, Square Yards, which relies on the brokerage model for earnings, is aiming for a 20X growth in business by 2025 and has further plans to expand its operations in South East Asia.
Watch the video here
For a detailed report on this read the articles we were featured in:
YourStory – https://bit.ly/37p0HLL
Tanuj Shori – https://www.youtube.com/watch?v=UG19JzknkuQ
Published Date: 9th Jun 2020