Realty portal Square Yards today said it has crossed one billion dollar in terms of total value of properties sold through its platform.
The company, which has completed three years of operations, has sold a cumulative 9 million sq ft of property worth over one billion dollar from over 350 developers to more than 8,500 customers worldwide, Square Yards said in a statement.
“The one billion dollar worth sales is a significant achievement considering that overall real estate market sentiments were down for the past few years. The sector is still largely unorganised and fragmented. It demonstrates our ability to deliver in toughest market conditions,” company’s Chief Financial Officer and Principal Partner Piyush Bothra said.
As it enters the next phase of growth, the company is taking initiatives to transform the real estate brokerage ecosystem in India by bringing global best practices such as developer’s due diligence, internal ERP’s, escrow mechanisms and tripartite agreement structures involving the developer financing entity, he said.
“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,” Bothra added.