hBits, a leading fractional ownership platform, announced its entry in the tech hub of India with the acquisition of the 24,816 square feet commercial building Vaswani Centropolis. Located in the Central Business District - the heart of the city on Langford Road, the region serves as a financial hub for Karnataka with head offices of tech giants and MNCs. Through this asset, hBits aims to create an investment opportunity worth INR 54.72 crore for investors.
The lease duration will be 30 + 30 months and with a tenant lock-in period of 24 months. The purchase price of the asset translates to a gross entry yield of 9% with an expected internal rate of return of 15.6%. The spacious and skillfully designed commercial asset has a Japanese auto giant as its tenant since 2011.
With this acquisition, the total Assets Under Management (AUM) of hBits is approximately INR 310 crores. The launch of the new asset follows three previous closures worth approximately INR 111 crore. There has been a growing interest for long-term investments with several industry reports indicating that NRI investments in Indian real estate will go up significantly over the next few years. With an aim to cater to this increased demand, hBits is committed to creating more opportunities for such investors and aims to achieve an AUM of INR 1000 crore by the end of FY25.
hBits Founder & CEO, Shiv Parekh said “Bengaluru is among the most preferred choice among NRIs looking to invest in real estate in India. The city is home to MNCs and tech giants and is fast emerging as a promising commercial location. We are excited to add Vaswani Centropolis to our portfolio, as this also marks the launch of our first asset in the city. We remain committed to offering accessibility to premium, high-quality commercial properties to our investors, ensuring promising returns. The structure is centrally located and has a robust tenant base and we are confident that this will be a great opportunity for investors.”
Vaswani Centropolis has modern amenities and excellent road, metro, and rail connectivity. Vaswani Group is a diversified real estate group with over 36 years of experience in developing commercial and residential real estate across Bengaluru, Mumbai, Goa and Pune.
