News Point: PropTech Start-up, Square Yards claims that its international property business, that facilitates sale of overseas properties in their respective locations, recorded over 75% growth in 2018 over the previous year crossing INR 1100 crore in gross transactional value (GTV).
Square Yards also announced strong growth in all other segments of the business it operates in namely India Primary, NRI and Mortgages and registered an overall impressive GTV of INR 5,000 crore for the calendar year 2018.
Dubai led the pack of international cities that contributed significantly to the GTV of the company followed by Toronto and Melbourne. Square Yards has built up significant NRI operations in 13 international cities namely Abu Dhabi, Doha, Dubai, Kuwait, Sharjah, Hong Kong, Muscat, Melbourne, Singapore, Sharjah, Sydney and Toronto.
The company has also established strong local primary operations in Dubai, Melbourne, Toronto and Sydney.
“The year 2018 marked a new milestone in our journey with international property division scaling new heights. We have been replicating our Indian playbook for sourcing off-plan primary inventory and tech led demand generation in the overseas markets and are happy that it is bearing results. Our international operations have scaled up significantly in 2018 with sizeable addition to our teams and formidable network of agents. The segment contributed ~22% of both revenues and GTV for the year 2018. We look forward to building on these strengths and set new benchmarks in global real estate transactions space, apart from our Indian operations, in 2019,” said Tanuj Shori, Founder and CEO, Square Yards.
Square Yards offers a comprehensive, integrated menu of International property portfolio after carefully spotting the opportunities across multiple asset classes in different countries and analyzing these through multiple investment parameters (like rental yields, capital appreciation, cost of capital, transaction costs, taxes etc.) individually and in co-relation with each other.
It has acquired multi country real estate licenses and entered into collaborative arrangements with leading International developers. These collaborative arrangements include having exclusive and territorial selling rights, conducting events and road-shows and facilitating e-commerce transactions on its portal Squareyards.com.