New Delhi, Aug 19 (IANS): Worldfloat.com, a new social networking site, is enabling users to move around a virtual world where they can hang out with friends, shop in malls and advertise products globally.

"This is closer to real life. People can do many things they would want to do in reality like going to Paris virtually to meet a friend," Pushkar Mahatta, the website's founder told IANS.

"There are plans to add more features. Virtual shopping malls in different cities connected to e-commerce would begun soon apart from live conversation facility," he said.

Pushkar, 36, director of Mahatta Towers, is into commercial and residential projects in Delhi and the National Capital Region.

He said the idea to create a virtual world came to him while acquiring land and properties for his family real estate business.

According to him, Worldfloat catered to the urge for virtually reaching out to the globe in a networked world.

Currently, the website is targeting youth across the world. It will later try to penetrate into business and professional groups.

Launched June 6, the site has over a lakh users in 1,600 cities.

Worldfloat works on a motion technology called Float.

It allows users to virtually walk around different cities. It also offers virtual real estate and billboards across the world.

Mahatta said the site's current valuation was $250 million.

He said Worldfloat has been conceptualised as the largest billboard company in the world where users can advertise in cities of their choice.

With the addition of more cities, advertisements would go up and ensure revenue flow, he said.