Breaking News

Square Yards sells 450 apartments at Bangalore Emprasa Smart City in 3 days

Square Yards sells 450 apartments at Bangalore Emprasa Smart City in 3 days

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.

Also Read:  Koinex introduces India’s first peer-to-peer platform for collateralized digital assets trading

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.