New Delhi [India], Jan 19 : Global real estate transaction platform Square Yards on Thursday announced expansion of its operations in Melbourne, Australia.
After Australia, this is the company's second office at Sydney, located at 600 Bourke Place, Bourke Street, Melbourne, Victoria 3000.
"Square Yards' ground presence in Melbourne will help it tap better into the real estate industry of Australia, that is currently enjoying an accelerated growth on the backdrop of higher demand," said COO and co-founder Square Yards, Kanika Gupta Shori.
Square Yards major growth strategy in Australia will be cornered around developing a network of local agents.
"Coming on board with Square Yards will help local agents to sell high quality local and international projects from all around the world and multiply their income; which otherwise is difficult to source, given their unorganized nature," said Senior Vice President Strategy and Country Head Australia, Gaurav Deshpande.
Economic growth has translated into a robust and appreciating realty sector that capitalizes on growth in employment and wage rates along with very low rates of home loans. The recent surge in Chinese investment into Australian realty is further adding vigor to the country's real estate industry.
Having a second office in Australia will also enable Square Yards to cater better to the needs of nearly one million NRIs residing in Australian subcontinent; looking to invest into Indian real estate. NRIs are increasingly becoming a crucial force in Indian realty and roughly accounts for around 20 percent of the total market share.
The company aims to become the de-facto channel to route NRI investment in global and Indian real estate. Since its beginning, it has enjoyed a stronghold in the NRI segment that accounts for near around 30 percent to 40 percent of its total revenue.
Recently, square yards raised two rounds of funding worth USD 12 million and 10 million from private equity arm of Reliance Group and a bunch of private investors respectively. The funds will be used to expand its domestic and international presence. (ANI)