hBits is expanding to various metropolitan cities like Delhi, Mumbai, Chennai, Hyderabad, Bengaluru and Kolkata.
hBits, one of the leading tech-enabled real estate companies offering fractional ownership (FA) to investors; announced that the company has entered into a strategic partnership with NoBroker, which is a leading and focused real-estate advisory across India. The decision is in line with the expansion vision of the company. hBits is expanding to various metropolitan cities like Delhi, Mumbai, Chennai, Hyderabad, Bengaluru and Kolkata.
Fractional Ownership is fairly a new financial product for the investors in the country. The partnership will help hBits reach out to more potential investors and create awareness about the concept in India. Fractional ownership has emerged as a new way of investment in commercial real estate with around Rs 350 crore worth of deals transacted in 2020 (as per recent reports). Commercial real estate is the next wave in the realty space, investors are showing confidence towards the commercial Real Estate sector in India and the outlook of the segment is very optimistic.hBits too is growing increasingly, the company has INR 150 crore of assets under management.
On the partnership, Shiv Parekh, Founder, hBits said, “One of the latest assets,which we launched for investors in Andheri East was sold in a record time of 20 days. There is a huge interest from investors towards fractional ownership; NoBroker will build on this interest and help us in increasing our consumer outreach. NoBroker deals with verified customers, this will add on to building credible consumers for us in the longer run.With their expertise, we will increase and build on our consumer base.”
“As far as our expansion is concerned, we are targeting INR 1000 crore assets by the end of next year and 50k users on our platform. Presently, we have 20k user and investors on our platform,” he further added.
Aankush Ahuja, Director, Investments and Partnership, hBits, said, “One the key reason for the partnership is that synergies and vision of both the companies are aligned. Both the companies are on the growth path and this partnership can create huge value for consumers. We look forward to long-term and fruitful association with the company.”
Amit Kumar Agarwal, CEO NoBroker said, “We look forward to offer niche and unique products to our customers and Fractional Ownership fits into that category perfectly. With this tie-up, our bouquet of services will increase, especially in commercial real-estate. The product specifications are apt for our customer base and it offers better rental returns of 8-10 percent than the residential segment, which is hardly upto 2-3 percent in the country.”
Source: Business World