Economy

Square Yards bets big on international real estate

Navadha Pandey New Delhi | Updated on January 20, 2018 Published on April 25, 2016




Online real estate aggregator Square Yards is betting big on international real estate and is looking to expand operations and open new offices overseas.

In the last six months, it has facilitated sales of $60 million worth of international property through over 200 transactions for developers based out of Dubai, the UK, Singapore, Hong Kong and several other key international markets, the company said.

Square Yards, which was founded in 2013, aims to achieve an annual Gross Transactions Value (GTV) run rate of $500 million for international properties by this year-end.

“We are currently present in eight countries. We recently entered Australia and Oman. We will soon be opening offices in South Africa and Canada. We are targeting NRIs in these countries. We plan to move to the US after Canada,” Vivek Agarwal, Principal Partner, Square Yards, told BusinessLine.

It started international business a year ago by tying up with global developers such as Emaar, Danube, Damac, Berkeley and Deeyar. It sells international properties to Indians and properties located in India to NRIs.

According to estimates, in 2015 alone, Indians invested nearly $8 billion in the US realty market, $1.5 billion in the London and another $4 billion in Dubai . Square Yards is currently earning revenues of more than $2 million per month, Agarwal said, adding that as much as 35-40 per cent of its business comes from NRIs.

“We see 700 transactions a month, although the average ticket size of a flat has been declining as people move away from luxury properties. One year ago, our average ticket size was ₹75 lakh. This year, it would come close to ₹65 lakh,” he added.

Published on April 25, 2016
This article is closed for comments.
Please Email the Editor