Square Yards Continues To Defy Lockdown – Sells 1100 Homes Worth Rs 564 Cr In April

In a lockdown battered economy, leading Digital Real Estate Brokerage, Square Yards, announced that it has delivered its best monthly performance to date in April 2020, selling 1116 units worth INR 564cr. This performance is in continuation of its strong Q4FY20 results announced earlier when it delivered its best ever and second consecutive profitable quarter. Overall in FY20, Square Yards had clocked INR 298cr Revenues, resulting from a Gross Transactional Value (GTV) of INR 6000cr with over 15,500 transactions.

In April 2020, the number of Real estate transactions jumped significantly by 58% over the previous month and the Gross Transaction value jumped by 32%. Growth was driven across cities with Pune, Mumbai, Noida and Bangalore contributing to over 70% of the sales volumes. Grade A+ Developers continue to form larger mix of sales, with Godrej Properties contributing to almost 40% the overall volumes in April.

Market share of Square Yards has moved from 5-20% of various top Developers’ distribution portfolios to 60-70% over the last 2 months.

Tanuj Shori, Founder and CEO of Square Yards said, “We had our best ever monthly performance just after our best quarter ever. Square Yards has won large amount of Exclusive mandates in the last 2 months, which has allowed us to lead the market and mind share. Our market share has jumped disproportionately and we expect to continue and build on this momentum. We continue to maintain our FY21 guidance and are ramping up distribution capacity in addition to creating the tech and physical infrastructure in ancillary segments such as rentals, property management and Enterprise SaaS”

Square Yards used the market conditions to push forward its digital solutions for the sector along with structured products with the largest developers in India. Realizing the need of the hour, the company launched a digital platform that automates the complete value chain of a real estate transaction starting from presales with online virtual tours and 3D walkthrough capabilities. A real-time inventory-blocking engine is integrated with multiple payment gateways and post sales module for submission of online applications with digital signatures.