Technology has rendered an edge to every industry, and the growth has been tremendous. The newest, and the ripest addition to technology infused services is the real estate sector. Square Yards, a property tech startup has taken the game up a notch by building on it and providing services that are completely technology backed.
With over 75 per cent growth in 2018 itself, Square Yards has facilitated over 11,000 real estate transactions. Putting to use technologies including Angular and React.js, the products by this tech startup have a mass appeal that are providing the new-age user a unique and efficient experience.
Real estate, a sector that had so far not seen light of day when it came to technology, is now witnessing the use of analytics to create advanced research tools. The Square Yards website has features that use technology to enhance the user experience.
A research tool gives the user a heat map of the properties according to the price. Alongside, the website also offers a need-based recommendation system that tells the user which property to buy, eliminating bias. Budget, purchase timeline, and unit preferences are some of the factors that are considered by the website before making suggestions.
Another feature that customizes and optimizes the user experience is the scatterplot of properties in a size vs price evaluation. Equipped with filters including price, zone, location, project attributes, developer preferences, connecting roads and unit preferences, they form the base that differentiates the tech startup from other real estate players that go the conventional way.
With features that bring in a new perspective for the prospect buyer, Vivek Agarwal, the co-founder of Square Yards says, “These are what we have built as a base, which are more advanced data and analytics technology. What we are moving into is more of predictive capabilities, where we are engaging in ML-based lead assignments, a consumer PWA, a customer care control, service experience. The technology is the batsman but analytics fuels the adoption.”
According to Analytics India Magazine, Square Yards’ India Primary, NRI and Mortgages business recorded a GTV of Rs 5,000 crores in the last year. The company, which was only a 3 member startup in 2013 in Hon Kong is now spread in 10 countries across the globe, and has over 2,200 employees, all thanks to technology.