Indian proptech player Square Yards is increasingly looking to the Metaverse for the real estate market in the GCC (Gulf Cooperation Council) region. The company has already unveiled its 3D Metaverse platform in August in Dubai for enabling experiential and interactive visualization with cutting-edge AI, 3D, VR, and AR technologies. According to the Co-Founder at Square Yards, Kanika Gupta Shori, the proprietary artificial intelligence technology makes use of photogrammetry data and satellite imagery as its inputs while converting the whole landscape in the built world of any property into 3D.
She also states how this will help customers visualize any space better, while walking around the same in the form of an avatar. She also states that the Middle East and particularly Dubai, is already witnessing a major revolution in the Metaverse and is setting the foundation for its adoption worldwide. Square Yards is inclined towards Metaverse investments in the GCC region, while exploring the same for other markets like India, Australia, and Canada.
The GCC region is a fast-expanding market for the company which is based out of Gurugram in India. The company expanded to the Dubai market after its inception in 2014. The company has steadily set up businesses across Oman, Qatar, Kuwait, Saudi Arabia, and Bahrain. The platform initially enabled realty deals for potential NRI investors and buyers, before getting into the off-plan category and started offering solutions for both expats and natives in the Gulf region as well.
Square Yards enables 2,000+ transactions on the platform annually in the Middle East, rivaling companies like Property Finger, Nakheel Properties, Nomad Homes, Aldar, and many others. The company aims at building an organized property value chain, starting from search and discovery to transactions, interiors, home loans, rentals, post-sales services, and property management, according to Kanika Gupta Shori. It offers services in all these areas, while enabling sales of new properties developed by real estate developers to the buyers, charging a brokerage from the developer as a percentage of the sale consideration. It also enables home loans, business loans, loans against property, and personal loans. Revenues come from transaction fees that are charged to financial institutions or banks as a percentage of the total value of the disbursed loans or the total insurance premiums. For interiors, the company offers home renovation and interior design solutions. It currently covers residential, luxury, and commercial properties.
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Published Date: Dec 19, 2022
