The company also plans to launch new 3D experiences on its portal squareyards.com
Square Yards, India’s largest integrated real estate platform, today announced the acquisition of PropVR, an AI-based platform specializing in creating immersive digital property experiences using 3D technologies, Virtual reality, and Augmented reality.
Founded by Srinath Kandala and Sunder Jagannathan, PropVR’s AI-based platform can convert any floor plan or physical space into an interactive 3D walkthrough in minutes (as against rather weeks being the standard norm) and can cut the real estate marketing spends by 80% while increasing the customer engagement levels by up to 400%.
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 solution. PropVR’s proprietary technology has won numerous awards for its innovation in visualization technology and services in the proptech space.
This is Square Yards’ third acquisition in recent times. Last year, it acquired Azuro, one of the largest Rentals and Property Management platforms in India followed by the acquisition of PropsAMC, a leader in Data Intelligence, Asset management and Real Estate Services.
Commenting on the acquisition, Tanuj Shori, Founder & CEO of Square Yards, said, “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.”
The company also plans 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.
Real estate companies spend a tremendous amount of money and time in helping customers and stakeholders to visualize their property spaces. Goldman Sachs predicts that the VR and AR markets in real estate will reach $80 billion by 2025. Global players like Matterport that provides 3D visualizations of physical spaces using specialized cameras has also gone public valuing it over USD $3 Billion, which shows great potential in this space. With the impact of pandemic, the market for 3D, VR and AR visualizations are growing faster than ever.
ALSO READ: An Exclusive Conversation With The Players Behind The Real Estate Virtual Technology, PropVR
