hBits Offers Rs 55 Cr Commercial Asset in MMR for Fractional Ownership

New Delhi, Nov 18 (PTI) Fractional ownership platform hBits is offering nearly Rs 55 crore commercial property in the Mumbai region to high-net worth individuals and other investors.

In a statement on Monday, hBits announced the launch of its new asset in the Mumbai Metropolitan Region (MMR).

This is the 16th property of hBits, offering Rs 54.66-crore investment opportunity.

hBits' latest Grade A commercial asset is in Ashar IT Park at Wagle Estate, Thane.

"The newly launched asset has an entry yield of 8.75 per cent and an expected internal rate of return (IRR) of 15.16 per cent. It is leased out to a French-listed multinational company. The leasable area of the entire building is about 1.1 million square feet, majority of which is occupied by French Listed Tech MNC," the company said.

hBits Founder & CEO, Shiv Parekh said, the BFSI sector, especially fintech is thriving in the country accelerating the demand for commercial real estate across key metros.

"Our new asset is a testimony to our strategy of acquiring properties in premium locations to offer lucrative investment opportunities to our investors.

"As we continue our journey on expanding our portfolio and listing our very first SM REIT, following our recent application to SEBI, we are happy to be launching this project in Thane catering to the growing demand for Grade A commercial spaces," he said.

hBits platform enables investors to invest in high-yield, Grade-A commercial spaces at a ticket size as low as Rs 30 lakh.

The platform aims to offer an average rental yield of up to 10 per cent with an expected IRR of up to 18 per cent with its Grade A commercial assets.

Founded in 2018, hBits group has 16 properties. Additionally, they have garnered more than 1,00,000 registered users and have achieved a successful exit from a commercial property yielding an IRR of 17.54 per cent.