Square Yards gains huge market share during lockdown; sells more than 3700 apartments valuing Rs 2200 Crore during March-June period

Gurugram, 16 July 2020: Proptech start-up Square Yards announced that it has transacted over 3700 real estate deals with a gross transaction value (GTV) of Rs 2200 crore in the March-June period since the beginning of lockdown period. These numbers assume significance, since as per multiple independent research reports, the overall housing market in top 10 cities dropped by almost 2/3rd in the second quarter (April-June) of 2020.Square Yards was able to garner almost ~20% market share of the overall Indian real estate sales in this period. In other words, it helped sell every fifth property during this time. Furthermore, NRIs and overseas buyers accounted for ~60% of the GTV and almost half of the number of deals in the period. With this, the company controlled almost 80% of the Gulf NRI market.
On the back of this massive market share and volume gains, Square Yards also turned cash flow positive on a monthly basis. The company has been running profitably on a EBIDTA basis since last three quarters, making it as one of the very few consumer tech startups in India which are not only profitable and growing in this phase, but can sustain with internal cash flows.
“The world’s largest lockdown was feared to be the last nail in the coffin for the real estate industry, but it has been a blessing in disguise for us”, said Tanuj Shori, Founder and CEO, Square Yards. “FY21 has been one of the best years for us so far with four months of high octane performance. We were able to capture 20% market share of the Indian real estate industry and also turn cash flow positive. We will unlock some new mandates and launch exciting products in fintech & property management this quarter.”

India v/s Overseas

Square Yards has created a virtual monopoly among the non-resident segment with its presence in over 9 countries. The NRIs and the overseas clients of the company accounted for about 47% of the number of deals and in GTV terms, these clients accounted for 60 percent worth of properties sold. Most of the buyers bought the house with an investment point of view, thanks to attractive payment plans structured by Square Yards in association with developers.
Top 5 Cities

Among the cities, Pune continues to have strong sales momentum accounting for the highest share in the number of transactions at 30 percent. Bengaluru and Mumbai accounted for 16% and 13 % of the deals respectively. Delhi NCR markets of Noida and Gurugram accounted for 13% of the number of deals.
Ticket size

The company sold maximum homes in the mid income bracket of Rs 50 Lacs-1 crore accounting for 42% of the transactions in the four month period, followed by affordable segment of 20-50 Lacs. As far as the size of the apartments sold by the company, 500-1,000 square feet houses accounted for 45% of the transactions. As for configuration of the properties sold by the start up, 2BHKs accounted for almost 42% of the transactions followed by 1BHKs.
About Square Yards
Square Yards is India’s largest integrated platform for real estate. It’s subsidiary Square Capital is one of the largest marketplaces for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans, rentals, property management and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards, posted revenue of Rs 298 crore in 2019-20 and Rs 220 crore in the 2018-19 financial year. The company has so far raised USD 50 million in equity and over USD 30 million in convertible debt financing since its inception in 2014. In Jan 2020, Square Yards acquired Mumbai-based rental platform Azuro and it is now scaling its rental & property management services pan India.