Property brokerage firm Square Yards’ FY19 revenue up 38 per cent

Property brokerage firm Square Yards’ FY19 revenue up 38 per cent

Square Yards said it continues to dominate the NRI sales segment and has expanded its presence to newer geographies like Kuwait and Bahrain

Property brokerage firm Square Yards, which is backed by Anil Ambani led-Reliance group on Friday reported 38 per cent growth in its 2018-19 revenue at Rs 220 crore on higher sales as well as fee income.

Founded in 2013, Square Yards mainly facilitates sale of primary residential real estate in India, and focuses on the Non-Resident Indian (NRI) markets. It also helps prospective home buyers in securing home loans from banks.

Square Yards clocked Rs 220 crore revenue in the 2018-19 fiscal year as against Rs 160 crore in the previous year, the company said.

The Indian real estate operations contributed 70 per cent to the group’s overall revenue, followed by international real estate with 20 per cent, while the remaining 10 per cent came from the mortgage business.

On operational front, the company concluded 11,508 transactions, including housing sales and home loans, during the last financial year, slightly better than the 11,299 deals in the previous year. In value terms, it did transactions worth nearly Rs 5,000 crore as against Rs 4,302 crore in the 2017-18 fiscal.

Square Yards’ revenue from real estate business grew by over 50 per cent year on year and the company turned profitable at EBITDA level for the last quarter, it said.

“Our strong results for the financial year 2018-19 and the fact that we turned profitable, reflect the robustness of our business model. We have nearly perfected our business playbook with strong processes, use of cutting-edge technology and a constant focus on bringing the best products to the customer,” Square Yards Founder and CEO Tanuj Shori said.

The company is now focusing on scaling up the execution by investing ahead of time in people and technology, he added.

Square Yards said it continues to dominate the non-residential Indian (NRI) sales segment and has expanded its presence to newer geographies like Kuwait and Bahrain.

The company’s international real estate arm (mainly global, under-construction primary segment) has been one of its fastest growing businesses. It recorded a 107 per cent year on year growth in revenue during the 2018-19 fiscal year.

The mortgage business arm, Square Capital, has been on a steady growth path. With 800 monthly transactions, it helps disburse around Rs 300 crore worth of mortgages every month, the company said.

Square Yards is a leading transaction player for real estate and mortgages. The platform covers the full real-estate journey from property search, discovery, transactions, mortgages and post-sales services.

It has presence in more than 20 Indian cities and over 10 international locations. The company competes with the likes of PropTiger.com, Anarock, 360 Realtors, Investors Clinic and Wealth Clinic in the organised housing brokerage business.

In 2016, the company had raised $12 million (about Rs 84 crore) investment from the private equity arm of Anil Ambani-led Reliance Group.

[“source=thehindubusinessline”]