Clocks $947 million in gross transactional value till December mid
New Delhi, January 2, 2018: The leading tech-backed transaction & aggregation platform for global real estate, Square Yards, today announced that it has registered gross revenue of ~$28 million for a period between January to December 2017, a rise of 84% over the same period (Jan to Dec) in 2016. For achieving this, it closed ~11k deals across real estate and mortgages, registering an impressive growth of 116% over the same period last year. This was 3rd successive year of almost 100% growth in most of the key metrics for Square Yards.
In 2017, Square Yards also managed to make massive strides towards its overarching goal of hitting $1 billion in gross transactional value (Total Value of properties sold + total value of loans disbursed). It registered ~$950 million in GTV by December, a rise of 81% from 2016. In another tremendous achievement, its digital lending arm, Square Capital emerged as the largest distributor of secured mortgages in India with $30-40 million worth of loan disbursals every month.
Speaking on the year gone by, Tanuj Shori, CEO of Square Yards said, “2017 has indeed been an extremely rewarding year for us at Square Yards despite big-time reforms like GST & RERA that caused disruption in the market. The team consistently pushed the envelope of excellence across all our business verticals – real estate, mortgages, the broker aggregation etc., and the results have been truly phenomenal. Going forward, we will continue to build on our leadership and expand into newer geographies, while innovating in our existing markets to become the default and only alternative to consumers, brokers and builders alike for property and mortgage transactions.”
Besides registering best-in-class numbers, Square Yards also managed exceptional feats in terms of expansion – both geographical and vertical. It established new international offices in key markets of Melbourne, Brisbane, and Toronto with plans underway to mark its presence in Amsterdam, Bahrain and Kuwait by the first quarter of 2018. It is now present in 32 markets in India and 10 countries across the globe with company-owned offices. To keep up with this scorching pace of growth, the company also ramped up its team and became the largest real estate sales employer with ~2,000 personnel.
On the technology side, Square Yards registered significant velocity with new ERP platform, improved broker aggregation platform; ramp up in digital demand generation and it also launched dedicated property portals for the UAE, Canadian and Australian markets.
Given its track record of going from strength to strength and hitting new milestones with every successive step, the year 2017 has been an exceptionally fruitful year for Square Yards. The company is on a significant growth trajectory and is aiming to push the peddle on expansion and growth metrics over the next 12 months.