Square Yards funds employees' home down-payments

Real estate start-up Square Yards on Monday announced that it will be funding the down payment for its employees who wish to buy homes during the festival.

"Square Yards has done an exclusive tie up with a few developers to fulfill this Diwali windfall. It also plans to extend the offer to its existing clients for a limited period. In an innovative structure with developers, after the down payment, employees would not need to pay anything till the possession of the home. In a nutshell, all employees and existing clients of Square Yards would be able to buy homes for free this Diwali," it said in its release.

The company said that though there has been sluggishness in the real estate sector, Square Yards has been able to gain sizeable revenue, profitability and market share.

"This step is a part of the company's gesture to pay off gratitude to the hundreds of employees and clients whose support, dedication and trust helped us to ramp up much faster than even we would have anticipated," said Tanuj Shori, CEO Square Yards.

Started in late 2013, the real estate company claims to be the largest player in primary residential sales. The company has over 950 employees with 26 offices spread across eight countries.

"It has registered a whopping 220 per cent year-on-year growth in revenues in the first half of the year FY16 (and 87 per cent increase compared to last six month of FY15). In the 12 months the company plans to hire another 500 employees in sales, technology and channel development," it added in its release.