Published date | 12 March, 2019

Square Yards Proptech startup standing out in the crowd

Financial Express featured an article today on how Square Yards, a Proptech start-up is looking to capture 15% share in the primary residential sales market in the country. Founded by Tanuj Shori & Kanika Gupta Shori with a motive to organize the real estate buying in India, Square Yards has come a long way with the largest lead generation capability in the primary under-construction market.

Square Yards, a transaction platform enabled by technology owns and operates transaction portal and real estate aggregation Square Connect mobile app and squareyards.com for property brokers. Square Yard is India's first-ever distributor for primary residential real estate by revenue. And it is the virtual monopoly when it comes to the most important NRI markets. 

This company amalgamates 6000 projects for approximately 500 builders and developers and issue approximately 27000 configurations of houses. Square Yards also has a matrix of around 15000 brokers in 31 different cities in India as well as overseas.

Tanuj Shori, the founder of Square Yards, had a modest upbringing and he believes that that is what led him to his success. He attained his MBA from the Lucknow IIM and rose to be one of the youngest Executive Directors in Nomura. Tanuj Shori's wife and co-founder, Kanika Gupta Shori, was a Wharton Alumnus. After returning from a maternity break, she started managing their portfolio which was devoted to their personal investments. And they came to the realization when they added more money to real estate, that entire process and model is completely fragmented. 

The list of problems goes on forever. There were no large distributor, no regulator, around 500000 small scale brokers and no data transparency. The largest developer was at 1% market share. In short, this country was a 120obnUSD unorganized market. 

As Tanuj Shori says, "Property buying in India is so complicated, challenging and broken that it isn't even a process in India." It definitely is the biggest investment in a person's life; however, it is a social factor and perception driven without any scientific thinking.

Tanuj and Kanika Shori had themselves experienced hardship due to disorganized processes and players, hence Kanika resolved to give it a go and Square Yards was born. Kanika laid the foundation with early execution and Tanuja became the foremost angel investor of their company. Neither of them had any idea of the enormity of the project when they started off, however, just in 3 months they had built a 100 members team and built this huge empire that we know today. 

Square Yards, due to its superior technological abilities, was awarded by Silicon India, the "Best Start-ups to Work For, 2018"

Today, India transacts approximately 20-25k under construction/new homes each month in the top 10 cities while there is a latent demand of around 300k units. And quoting Tanuj Shori, "We believe there will be a volume explosion in India at the tail end of the market, middle-income housing (affordable housing), and the volumes in the next 20 years will dwarf whatever we have seen so far. And with RERA enforcement becoming stricter, this expansion will come with underlying consumer trust that has been missing from the market."

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Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace 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 and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.