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Lockdown:Squareyards sells housing units worth over Rs 200 cr in last 10 days

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Lockdown:Squareyards sells housing units worth over Rs 200 cr in last 10 days
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New Delhi: Property brokerage firm Square Yards, which is backed by Anil Ambani-led Reliance Group and Times Group, on Wednesday said it has sold over 400 housing units worth more than Rs 200 crore in the last 10 days despite the ongoing nationwide lockdown.

The company has launched a digital platform for enabling end-to-end real estate transactions, Square Yards said in a statement.  "The company has sold over 400 homes in over last 10 days (including 100 on March 31) with the accelerated deployment of the platform since the beginning of the pandemic induced lockdown," Square Yards said.

When contacted, Square Yards Founder and CEO Tanuj Shori said the company has sold 420 units, having a value between Rs 200 crore and Rs 250 crore. Almost 50 per cent sales were to Non-Resident Indians (NRIs). Godrej Properties' housing projects in Delhi-NCR and Pune contributed maximum to its sales volume, he added.

The digital platform automates the complete value chain of a real estate transaction. It helps with online virtual tours and 3-D walkthrough, a real time inventory blocking engine integrated with payment gateways and post sales module for submission of online applications with digital signatures, the statement said. Anil Ambani-led Reliance Group's private equity arm had invested USD 12 million in Square Yards in November 2016.

In September 2019, Square Yards raised USD 25 million (around Rs 175 crore) through preferential issue of equity shares to investors including Times Group.

The company has so far raised USD 50 million in equity and over USD 25 million in debt financing since its inception in 2014.

Square Yards had clocked revenue of Rs 220 crore in the 2018-19 financial year.

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