Strengthening its roots in the real estate market, Square Yards today announced that it has sold 450+ units of inventory in Emprasa Smart City, Bangalore.
The company conducted a global launch project from November 27t to 29 simultaneously in seven countries, including London, Singapore, Dubai, Abu Dhabi, Doha, Hong-Kong, Oman, Bangalore, Mumbai and Delhi.
Tanuj Shori, CEO, Square Yards, said, "We dreamt to take on a challenge, and surpassed even our expectations. This is the power of our global distribution network and passion of our team that made it possible. It marks a new era in Indian real estate now."
Suresh Rangarajan, Founder, Emprasa Smart City, said, "This is something unbelievable. Kudos to the Square Yards team for making this happen."
Square Yards worked with the developer to structure a very unique product where in prospective investors were offered a unique chance to own a apartment with just 10 percent down payment, no EMI till possession and assured rentals up to 10 percent for two years after possession.
The offer proved to be irresistible for the customers.
All the project inventories were gathered online through its proprietary e-commerce platform Scapes. This next generation platform made it very convenient for the customers to do real time inventory selection and book online through the payment gateway.
The project witnessed a record breaking response within three days. There were 450 transactions, 80 crores GMV that resulted in a total sellout of the available inventory.
This event makes Square Yards a leader into the uber-competitive domain of online real estate.
Square Yards, which has marked its lead in the transactional real estate space, started in late 2013 with just three employees. Today, the company boasts of over 950 employees with 26 offices spread across eight countries in the globe.
The company recently crossed Rs. 100 crores in annual revenues while being EBIDTA positive. It has become the only company in online real estate space to register a whopping 220 percent year on year growth in revenues in first half of the year FY16.
In next 12 months, the company plans to hire another 500 employees in sales, technology and channel development.