Square Yards Acquires AI-based 3D Visualization Platform PropVR
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Gurugram-based real estate platform Square Yards announced the acquisition of artificial intelligence (AI)-based platform PropVR, which specializes in creating immersive digital property experiences using 3D technologies, virtual reality (VR), and augmented reality (AR).
This is Square Yards’ third acquisition. Last year, it acquired rentals and property management platforms Azuro, followed by the acquisition of data intelligence, asset management, and real estate services PropsAMC.
“With PropVR, we are not only looking to redefine the digital real estate experiences for our customers, agents, and property developers but in the long term, we want to digitize and index the built world by creating the digital twins of every single organized property in India,” commented Tanuj Shori, founder and chief executive officer, Square Yards.
Founded by Srinath Kandala and Sunder Jagannathan, the AI-based platform PropVR can convert any floor plan or physical space into an interactive 3D walkthrough in minutes and can cut the real estate marketing spends by 80 per cent while increasing the customer engagement levels by up to 400 per cent. The platform helps property developers, real estate agents, architects, and interior designers to virtually showcase the properties to their clients using immersive 3D walkthroughs and inbuilt video conferencing solutions.
The proptech platform is growing in the Middle East, Australia, and Canada. Square Yards offer an integrated consumer experience and cover the full-stack real-estate journey from search and discovery, transactions, mortgages, interiors, rentals, property management, and post-sales services. Its’ enterprise solutions cater to all stakeholders in the real estate value chain like agents, real estate developers, and banks.
Square Yards also plan to launch new 3D experiences on its portal squareyards.com where users can search, explore and navigate the entire real estate landscape of a city in a 3D environment. It plans to showcase real-time inventory availability and enable end-to-end transactions on this platform going forward, the company shared.
Real estate companies spend a tremendous amount of money and time helping customers and stakeholders to visualize their property spaces. A report by Goldman Sachs predicts that the VR and AR markets in real estate will reach $80 billion by 2025. With the impact of the pandemic, the market for 3D, VR, and AR visualizations are growing faster than ever.