hBits Secures Closure of Rs 42 Cr For Mumbai Asset
hBits, one of the leading tech-enabled real estate companies offering fractional ownership to investors, proudly announces the extraordinary closure of INR 42 crores for its highly coveted asset in Mumbai. Setting new industry standards, this Grade A+ property boasts an exceptional entry yield of 10% gross per annum, with an expected IRR of 16.40% hBits has strategically acquired an impressive 27,492 square feet within the esteemed Boomerang Building, situated in Powai, Mumbai's fastest growing commercial real estate micro market. The remarkable closure ensures they are now poised to reap substantial returns on their investments. With an already impressive portfolio of INR 195 crores in assets under management, hBits has garnered the trust of over 60,000 customers through its cutting-edge platform. The crowning jewel of the building is its anchor tenant, the esteemed US multinational corporation, Sitel. Having successfully established a strong presence for the past 11 years, Sitel's commitment to the location extends for an additional 4 years, guaranteeing steadfast and secure returns for investors well into the foreseeable future. Shiv Parekh, Founder, hBits said, “The fractional ownership market has experienced a remarkable surge in demand from investors, particularly due to the volatility of equity markets. We are witnessing continued interest from senior corporate executives and seasoned investors alike. Our unique tech platform provides complete transparency, mitigates risks, and enhances credibility among our esteemed investors. By exclusively investing in Grade A assets with renowned corporates and multinational companies as tenants, we ensure superior returns for our valued investors.” “With interest rates stabilizing, we anticipate a surge in investments in commercial real estate Grade A assets through fractional ownership," added Parekh, expressing his optimism for the future. Samir Bhandari, Chief Financial Officer, hBits said, “Fractional ownership offers investors a distinctive financial instrument that delivers higher returns compared to traditional investment options, while the concept has gained immense popularity worldwide, it remains relatively new in India. The burgeoning appeal of fractional ownership as an investment avenue is rapidly gaining traction, and we foresee commercial real estate delivering exceptional returns in the years to come." In 2022 alone, fractional ownership experienced an astounding growth rate of 70-80%. This exponential growth has significantly bolstered the credibility of this investment avenue, attracting both modern and traditional investors. The digitization of ownership processes has further facilitated seamless end-to-end transactions, enhancing the investor experience. Overall, hBits remains incredibly optimistic about the future of fractional ownership and its immense potential to deliver outstanding returns to investors.”
Tags : hBits leading tech-enabled real estate companies offering fractional ownership investors announces extraordinary closures asset Mumbai industry standards property Boomerang Building commercial investment Shiv Parekh Founder hBits Samir Bhandari Chief Financial Officer hBits