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In a ground breaking development, hBits, a tech-enabled platform for fractional ownership, secured regulatory approval from SEBI, the markets regulator, to establish a Rs 500 crore alternate investment fund (AIF) for investing in commercial real estate. This approval empowers hBits to actively engage in the growth and transformation of the real estate landscape. hBits revolutionizes the investment experience by granting investors the unique opportunity of fractional ownership in commercial assets. Leveraging their expertise, hBits has already facilitated the successful acquisition of nine rent-yielding properties, demonstrating their commitment to delivering value and lucrative opportunities to their stakeholders.
The Securities and Exchange Board of India (SEBI) granted regulatory approval to hBits for their CAT II Alternative Investment Fund (AIF), paving the way for the establishment of a substantial Rs 500 crore Assets Under Management (AUM). This accomplishment solidifies its position as an industry leader, poised to shape the future of commercial real estate investment. Investors participating in hBits' AIF can anticipate impressive returns, with a target Internal Rate of Return (IRR) ranging from 18 to 20 percent. The CAT II AIF is meticulously crafted to target Grade-A projects throughout the country, with a specific emphasis on commercial real estate assets. This encompasses a wide array of ventures, including offices, retail spaces, data centres, warehouses, and hospitals. hBits is committed to identifying opportunities across the spectrum, spanning under-construction, pre-leased, and completed or operational assets in the top six metropolitan cities of India.
Following regulatory approval received in late May, hBits has commenced the process of raising funds from investors, including family offices, ultra-high-net-worth individuals (UHNIs), domestic institutional investors, and international funds. This signifies their proactive approach to engaging a diverse range of investors who recognize the potential and value hBits brings to the commercial real estate market. Shiv Parekh, the visionary Founder of hBits, expressed his enthusiasm, emphasizing the significance of obtaining regulatory approval for their CAT II AIF, boasting an impressive Rs 500 crore AUM. This milestone underscores the trust and confidence placed in hBits by both investors and regulatory authorities, highlighting their readiness to capitalize on the immense potential of the commercial real estate market.
Mayank Jain, the dynamic CIO at hBits, outlined the company's strategic focus on Grade-A commercial real estate developments throughout India. This ensures that hBits continues to deliver exceptional investment opportunities and create a positive impact on the real estate landscape. With an existing portfolio of nine properties and an impressive asset under management (AUM) of Rs 220 crore, hBits has garnered a strong user base of over 50,000 registered investors. Their innovative approach to fractional ownership positions them as trailblazers in the industry, driving forward the evolution of commercial real estate investment.
As the foremost fractional ownership platform, hBits is led by seasoned industry veterans with over 100 years of combined experience in commercial real estate. This innovative platform empowers investors to carefully select and acquire fractional ownership in commercial properties that align with their specific criteria. Based in Mumbai, hBits was established in 2018 under the legal name Hbits Proptech Private Limited, driven by the visionary leadership of founder Shiv Nilesh Parekh.
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