Integrated real estate platform Square Yards on Wednesday announced the acquisition of PropVR, an AI-based platform that specialises in creating digital property experiences using 3D technologies, virtual reality, and augmented reality.
This is Square Yards’ third acquisition in recent times.
Last year, it had acquired Azuro, one of the largest rentals and property management platforms in India followed by acquisition of 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 digitise and index the built world by creating the digital twins of every single organised property in India,” Tanuj Shori, Founder and CEO of Square Yards, said in a release.
The entire team of PropsAMC, including its co-founders, have joined Square Yards but will operate with the same brand name, the company said in a statement.
The company is also planning 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 said.
According to the release, PropVR’s AI-based platform can convert any floor plan or physical space into an interactive 3D walk-through in minutes and can cut real estate marketing spends by 80 percent while increasing customer engagement levels by up to 400 percent.
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.
(Disclaimer: Additional background information has been added to this PTI copy for context)