NEW DELHI: hBits, a fractional ownership platform, has applied for small and medium REITs (SM REITs) license with the securities and exchange board of India (SEBI).
The company expects to receive the license in the next couple of months and plans to launch its inaugural SM REIT offering in the third quarter of the current financial year.
Upon the launch of its first SM REITs, the platform will also subsequently migrate its existing properties into SM REITs over the next few quarters.
hBits aims to increase its total assets under management (AUM) to Rs 10,000 crore over the next five years. Currently, the company manages a portfolio of 14 properties across key cities, with an AUM of over Rs 365 crore.
