Integrated real estate platform Square Yards has announced the acquisition of PropVR, an AI-based platform specialising in creating 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 and can cut the real estate marketing spends by 80% while increasing the customer engagement levels by up to 400%, the company said in a release.
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 visualisation 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.
Square Yards Founder and CEO Tanuj Shori said, “With PropVR, we want to digitize and index the built world by creating the digital twins of every single organised 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, the company added.
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 visualise 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 visualisations of physical spaces using specialised cameras has also gone public valuing it over $3 billion, which shows great potential in this space.
With the impact of the pandemic, the market for 3D, VR and AR visualisations are growing faster than ever.