hBits Announces Rs 54.66 Cr Grade A Investment Opportunity In MMR Amidst Rising BFSI RE Demand

Mumbai, November 18, 2024: hBits, a leading fractional ownership platform on Monday announced the launch of its new asset in the MMR – French Listed Tech MNC. This is the 16th property of hBits, offering INR 54.66 cr investment opportunity. hBits latest Grade A commercial asset is in Ashar IT Park at Wagle Estate, Thane, mentions a release issued by the company. 

The newly launched asset has an entry yield of 8.75% and an expected IRR of 15.16%. It is leased out to a French-listed multinational company with a revenue exceeding €10 billion and a global leader in customer experience management. The leasable area of the entire building is about 1.1 million square feet majority of which is occupied by French Listed Tech MNC. Key tenants in the micro market include Raymond, Cipla and DHL thus, having a marquee tenant base and an active commercial environment within Wagle Estate. 

The location has proximity to Eastern Express Highway, Thane Railway Station and the soon-to-be operational Wagle Circle Metro Station indicating long-term growth for the area.

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. A recent report indicates that Mumbai accounts for approximately 44% of the total space occupied by domestic financial organisations. India’s leading office rentals have also witnessed an annual increase of about 4-8%. 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.”