hBits, a fractional ownership platform, has submitted an application for a small and medium REITs (SM REITs) license to the Securities and Exchange Board of India (SEBI). The company anticipates receiving the license within the next couple of months and plans to launch its inaugural SM REIT offering in the third quarter of the current financial year. Following the launch of its first SM REITs, hBits intends to gradually transition its existing properties into SM REITs over the subsequent quarters.

The company has set a goal to increase its total assets under management (AUM) to Rs 100 billion within the next five years. Currently, hBits manages a portfolio of 14 properties across key cities, with an AUM exceeding Rs 3.65 billion.