Brokerage firm Square Yards has acquired PropVR, an AI-based platform specialising in creating digital property experiences using 3D technologies, virtual reality and augmented reality (VR and AR).
Founded by Srinath Kandala and Sunder Jagannathan, PropVR converts any floor plan or physical space into an interactive 3D walkthrough.
It helps property developers, real estate agents, architects, and interior designers to virtually showcase properties to clients.
The deal marks Square Yards’ third acquisition in recent times. Last year, it acquired Azuro, a rentals and property management platform. Recently, it bought PropsAMC, a platform focused on data intelligence, asset management and real estate services.
Square Yards covers the full stack real-estate journey: search and discovery, transactions, mortgages, interiors, rentals, property management and post-sales services. Its enterprise solutions cater to stakeholders in the real estate value chain like agents, real estate developers and banks.
Goldman Sachs predicts that the VR and AR markets in real estate will reach $80 billion by 2025. Global players like Matterport, which provides 3D visualisations of physical spaces using cameras, have also gone public with a valuation of over $3 billion.
With the the impact of the pandemic, the market for 3D, VR and AR visualisations is growing fast.
