Square Yards sells 450 apartments at Bangalore Emprasa Smart City in 3 days.
Real estate startup, Square Yards, has sold over 450 apartments in Emprasa Smart City – an upcoming project dedicated to startups in Hoskote locality of Bangalore, the global realty aggregator said.
The company had conducted a global launch of the project over the weekend from November 27th to 29th simultaneously in 7 countries in 10 cities – London, Singapore, Dubai, Abu Dhabi, Doha, Hong-Kong, Oman, Bangalore, Mumbai & Delhi.
“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.” said Tanuj Shori, CEO of Square Yards.
Square Yards worked with the developer to structure a product where in prospective investors were offered a chance to own a apartment with 10% down payment, no equated monthly installments till possession and assured rentals up to 10% for 2 years after possession, the release said.
It also brought all the project inventory online through its proprietary e-commerce platform – Scapes. The next generation platform made it convenient for the customers to do real time inventory selection and book online through the payment gateway, Square Yards added.
This was the biggest realty launch ever done for an Indian developer organized by Bling Events – the event management arm of Square Yards.
“All records were shattered in 3 days – 450 transactions, 80 crores GMV – resulting in a total sellout of the available inventory. This event makes Square Yards a leader into the uber-competitive domain of online real estate.” Added Shori.
Started in late 2013 with just three employees, the real estate company took less than 2 years to become the largest player in primary residential real estate sales. Today, the company boasts of over 950 employees with 26 offices spread across 8 countries in the globe.
The company recently crossed Rs 100 crores in annual revenues while being EBIDTA positive – the only company in online real estate space to do so. It also registered a whopping 220% on-year growth in revenues in first half of the year FY16. In next 12 months the company is planning to hire another 500 employees in sales, technology & channel development.