hBits, a fractional ownership platform, ventures into Bengaluru's tech hub with the acquisition of Vaswani Centropolis, a commercial building in the Central Business District. The property, valued at INR 54.72 crore, offers a gross entry yield of 9% and an anticipated internal rate of return of 15.6%. With a lease duration of 30 + 30 months and a tenant lock-in period of 24 months, the acquisition expands hBits' assets under management to INR 310 crore. This move aligns with hBits' goal of catering to the increasing demand for real estate investments, particularly from non-resident Indians, targeting an AUM of INR 1000 crore by FY25.
hBits, a leading fractional ownership platform, has announced its venture into Bengaluru's tech hub by acquiring Vaswani Centropolis, a commercial building 24,816 square feet located in the Central Business District on Langford Road. This area serves as the financial nucleus of Karnataka, housing the head offices of major tech conglomerates and multinational corporations. Through this acquisition, hBits aims to present investors with an opportunity valued at INR 54.72 crore.
The property boasts a lease duration of 30 + 30 months, with a tenant lock-in period extending to 24 months. The purchase price of the asset corresponds to a gross entry yield of 9%, with an anticipated internal rate of return standing at 15.6%. Notably, the building has housed a prominent Japanese automotive firm as its tenant since 2011. This acquisition marks a significant milestone for hBits, as it bolsters its total assets under management (AUM) to approximately INR 310 crore.
Prior to this venture, hBits successfully concluded three other acquisitions totaling around INR 111 crore. The real estate market in India is witnessing a surge in interest from non-resident Indians (NRIs), with industry reports forecasting a substantial increase in investments over the coming years. In response to this burgeoning demand, hBits is committed to expanding its offerings to cater to such investors, with a target of achieving an AUM of INR 1000 crore by the conclusion of the financial year 2024–25.
Shiv Parekh, the founder and CEO of hBits, expressed enthusiasm about the acquisition, particularly highlighting Bengaluru's allure as a prime destination for NRI investments in real estate. Parekh emphasized the city's status as a burgeoning commercial center, home to numerous multinational corporations and tech giants. The addition of Vaswani Centropolis to hBits' portfolio represents the platform's dedication to providing investors with access to premium commercial properties that promise attractive returns. Notably, Vaswani Centropolis offers modern amenities and boasts excellent connectivity via road, metro, and rail networks.
The Vaswani Group, with over 36 years of experience, is renowned for its expertise in developing commercial and residential real estate projects across Bengaluru, Mumbai, Goa, and Pune. The acquisition of Vaswani Centropolis further solidifies hBits' position as a key player in the real estate sector, poised to capitalize on the growing demand for high-quality commercial properties in India's bustling tech hubs.
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