hBits Plans to List Its Maiden SM REIT Asset

Fractional ownership platform hBits Proptech Pvt. Ltd, which allows retail investors to invest in rental income-generating properties, is set to float a small and medium real estate investment trust (SM REIT) by February, a top executive told VCCircle.

- Priyal Mahtta

The company is expecting to receive approval for its maiden office asset SM REIT from the Securities and Exchange Board of India (Sebi) by the end of this month, founder and chief executive Shiv Parekh said.

If all approvals go through, this will be the fourth SM REIT to have received Sebi's approval after the regulator notified the norms for the operation of these instruments in March.

"We are expecting to get the licence from Sebi shortly. We are targeting to launch our first asset in the middle of February," he said.