The proptech startup is looking at capturing 15% share in the primary residential sales market in the country.
Property buying in India is so complicated, challenging and broken that it isn’t even a process here. Despite it being the biggest investment in an individual’s life, it is driven by perception and societal factors, with minimal science behind it. Real estate buyers in India have traditionally faced challenges of information asymmetry, service vacuum, and lack of organised distribution.
Having themselves suffered due to lack of organised players and processes, Square Yards’ founders Tanuj Shori and Kanika Gupta Shori decided to lay the foundation for Square Yards in 2013. While starting with three employees in Hong Kong, they had no clue about how big this was; however, soon they realised the enormity of the opportunity.
Today, Square Yards has emerged as one of the largest proptech players in the country. With 2,400 people, presence in 30-plus cities and 10 countries, a unique integrated model, largest lead generation capability in the primary under-construction market, 1 million-plus unique visitors a month; the company is now touching $30 million annualised revenues and $750 million transactional value with around 12,000 transactions.
“The Square Yards platform was built to cover the full real-estate journey from search, discovery to research, transactions to post-sales service—fully integrating buyers to an extensive network of agents,” says its co-founder and CEO Tanuj Shori.
The variability, complexity and multiple issues facing the real estate sector make it challenging but that also creates natural barriers to entry too, he says. “It was this constant evolution, learning, changing, re calibrating and pushing the boundaries again, which sets Square Yards apart,” says Tanuj Shori. “It was a unique journey in an industry where the entire value chain needed to be fixed—encompassing how developers operate, how consumers perceive the purchases, how distribution process needs to evolve, how to convince the brightest talent to look at it as a long-term career option.”
The founders believe the key pillars of this ability to scale have been people and technology. Square Yards built a committed team of 15 co-founders who drove the growth of the company and technology solved data asymmetry issues through intelligent search and discovery, bringing standardisation in the sales processes and reach to a wider target audience.
After a strong start, Square Yards is now looking at capturing 15% share in the primary residential sales market in the country. The company is developing its international real estate business, which is one of the fastest growing and most profitable segments of the business, facilitating sales of overseas properties in their respective locations. It also believes that the future is moving towards integrated plays and it is building enterprise solutions for all players in the ecosystem —including developers, lenders, agents and brokerages—to drive its next phase of its growth.