The aim is to automate the due diligence of real estate process
Shiv Parekh – co founder hBits chats to Realty+ about the new platform he has set up-hBits. He goes on to explain the concept behind setting up this new cutting edge platform and how it will ease the process of commercial real estate.
Explain the concept behind hBits
hBits is a real estate ownership platform launched in June 2019. It is revolutionizing access to traditionally illiquid assets, through a combination of cutting edge analysis based on machine learning techniques. It is an online platform that provides grade A commercial asset’s and offers a variety of commercial real estate properties in terms of size, location, tenants and developers to choose from. The aim is to automate the due diligence of real estate process. The platform is completely online- from initial discovery and research of the property, to deciding to own the property, to getting constant updates on the property and market, and final decision to exit from the platform.
Current project focus
Current project focus is on sorting quality assets in premier markets in Mumbai to be listed on the platform. Currently we are improvising the platform to be more data-focused so as to provide accurate data to our customers.
Future road maps of hBits
Future plans involve expanding to Bangalore, Hyderabad, Pune and Chennai in the next 6 months with a target to achieve 5 thousand cr. in the next 4-5 years.
How has been the industry response to hBits?
Industry response has been fairly good with 30% of our customer base comprising of lawyers, NRIs, CAs, individuals in armed forces and the rest being salaried professionals of 30+ age group with majority of them coming from the technology, financial services, and entrepreneur background.