Square Yards, one of the fastest growing proptech companies globally, today launched a 3D Metaverse platform that will showcase the future of real estate search and discovery through a high-end 3D digital twin of the city of Dubai.
Using cutting-edge technologies such as 3D, AI, VR, and AR, the platform is the first of its kind to introduce high-definition 3D maps for a high-fidelity, interactive visualisation of real estate. With this solution, users can search from over 2000+ potential real estate projects across Dubai through its interactive 3D interface, get complete details of the project, and enter into the project metaverse as an Avatar.
“Imagine searching for properties to buy, sell and rent across Dubai in high-quality 3D at true scale, visit the project building in VR, walk around the amenities and interiors, and interact with residents and salespeople virtually. With the launch of our 3D metaverse platform, we are transposing real estate to a virtual realm, making it more experiential, immersive, and yet, easily accessible for the masses. Users can enjoy 3D virtual tours remotely and perceive accurate depictions of the property, that will create an emotional anchor to the space and encourage them to seal a deal at the end of the day,” said Tanuj Shori, Co-founder and CEO, Square Yards.
This hi-tech 3D visualisation platform is currently being tested among a closed group of users and real estate developers. Square Yards aims to work with developers in Dubai to integrate their upcoming launches into this ecosystem so that customers can buy, rent and sell properties digitally.
The metaverse product is built with multiple data layers including maps, 3D content, transaction, listings, and project information. Each project building consists of a sales centre and its digital twin as its metaverse, where users can enter inside, and navigate through the amenities, project, and interiors using their chosen avatar as if they are living a digital life in the virtual world. They can also talk to dedicated sales representatives through voice conferencing.
“Square Yards’ metaverse tool will help architects, governments, and real estate developers to create a fully digital selling experience, as well as pave the path towards real estate industry’s metaverse transformation.” said Sunder Jagannathan, Principal Partner, Square Yards and Co-founder PropVR.
The company also has aggressive plans to launch this product in other markets like India, Canada, and Australia soon.
The metaverse market is projected to grow from $478.7 billion in 2020 to $783.3 billion in 2024, at a CAGR of 13.1 per cent. This growth is likely to come from the growing popularity of metaverse applications in gaming, AR, and VR. However, the sustainability of this projection will depend upon the awareness and speed at which developers are adopting new technologies.
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