hBits vs Strata vs Property Share: India's Fractional Office Platforms in 2026
Property Share is the only one of India's three big fractional office platforms with units you can buy on a stock exchange today: its SEBI-registered Small and Medium REIT has three listed schemes on the BSE from ₹10 lakh (about $12,000), a fourth filed in August 2026, and the fees for each are in a public offer document. hBits holds the same SEBI registration from April 2025 but has not listed a scheme, so for now it is a waitlist. Strata surrendered its SEBI registration in May 2025 without launching a scheme, SEBI told investors to be cautious, and it keeps selling minority stakes in property-owning companies from ₹25 lakh (about $30,000) outside the framework. This comparison sets the three side by side on what you own, who regulates it, what it costs and how you get out, from their own pages and filings. Threeworld profiles all three and never holds your money.
| Property Share | hBits | Strata | |
|---|---|---|---|
| Minimum | ₹10 lakh (about $12,000) | ₹10 lakh (about $12,000) | ₹25 lakh (about $30,000) |
| What you own | Units of a scheme of Property Share Investment Trust, a SEBI-registered Small and Medium REIT, where each scheme owns one fully leased office asset and is listed on the BSE | Units of a scheme of hBits Investment Trust, a SEBI-registered Small and Medium REIT, holding completed, income-producing commercial property | A minority stake in a special purpose vehicle that owns the property, with Strata as asset manager to the SPV |
| Regulator | Securities and Exchange Board of India (SEBI). Property Share Investment Trust is registered as a Small and Medium REIT and PropShare Investment Manager Private Limited is its investment manager | Securities and Exchange Board of India (SEBI). hBits Investment Trust is registered as a Small and Medium REIT and hBits Investment Management Private Limited is its investment manager | None for the offering. Strata surrendered its SEBI SM REIT registration on 14 May 2025 without launching a scheme and the site describes itself as RERA registered |
| Lock-up | Not published | Not published | Three to six months, set per opportunity |
| How you sell | Units are listed on the Bombay Stock Exchange and sold through your demat account like any listed security | Units of a listed scheme sold on the stock exchange, once a scheme has listed | Resale of your stake to another investor, sale of the whole asset, or a pre-defined exit written into the deal |
| Sale guaranteed | No. A sale needs a buyer on the exchange at your price, and the site makes no promise about trading volume | No. The site says SM REITs let you sell without long waiting periods but no scheme is trading yet and nothing is promised | No. The risk disclosure says a significant period beyond the lock-in should be expected and that a minority holder's exit depends on the other investors |
| To buy | 1% to 3% of the property price, plus 3.9% of the money raised on the newest schemes | Not published | Not published |
| Each year | 0.25% to 0.50% of the money raised, a year, after a first-year waiver | Not published | Not published |
| To sell | No fee to sell units. Up to 3% of the sale price when the scheme sells the building | Not published | Not published |
| Sources | Property Share on ThreeworldPropShare scheme offer documents (IPO information page)Property Share SM REIT page | hBits on ThreeworldhBits SM REITs pagehBits about page | Strata on ThreeworldStrata risk disclosure |
Table of contents
At a Glance
• Minimum: Property Share ₹10 lakh (about $12,000) vs hBits ₹10 lakh vs Strata ₹25 lakh (about $30,000) • What you own: Property Share, units of a scheme of a SEBI-registered SM REIT, one fully leased office per scheme, listed on the BSE vs hBits, units of a scheme of a SEBI-registered SM REIT, no scheme listed yet vs Strata, a minority stake in a special purpose vehicle that owns the building • Regulator: Property Share and hBits, SEBI, as Small and Medium REITs vs Strata, none for the offering since it surrendered its SM REIT registration on 14 May 2025 • Payouts: Property Share, rent distributed to unitholders vs hBits, at least 95% of cash flow quarterly once a scheme lists vs Strata, monthly rent from the SPV • To get in: Property Share, 1% to 3% of the property price plus 3.9% of the raise on the newest schemes, paid from the IPO proceeds vs hBits, not published vs Strata, not published • Each year: Property Share, nothing in year one then 0.25% to 0.50% of the money raised vs hBits, not published vs Strata, not published, with a performance fee at sale • To sell: Property Share, brokerage only on the BSE, up to 3% of the sale price when the building is sold vs hBits, on the exchange once listed vs Strata, resale to another investor after a three to six month lock-in, or the asset's sale • Founded: Property Share 2015 in Bengaluru vs hBits 2018 in Mumbai vs Strata 2019 in Bengaluru • Listed schemes: Property Share three, hBits none, Strata none The table above has the three from their own pages and filings with the date each line was checked.
What You Actually Own
All three started as the same business: pool investors into a company that buys a leased Grade A office, pay out the rent, sell the building in a few years. In 2024 SEBI created the Small and Medium REIT framework to bring that business inside securities regulation, with schemes that hold completed income-producing property, pay out most of their cash flow, are valued yearly and list their units on a stock exchange. The three platforms responded in three different ways, and that is the whole comparison. Property Share registered Property Share Investment Trust as an SM REIT and now sells units of listed schemes instead of SPV stakes. Each scheme holds one fully leased office, PropShare Platina on Bengaluru's Outer Ring Road, PropShare Titania in Thane, PropShare Celestia in Ahmedabad, with Lumina filed in August 2026. You buy units in the scheme's public offering in lots of ₹10 lakh or on the BSE afterwards through an ordinary demat account, and PropShare Investment Manager, the SEBI-regulated manager, puts 5% of its own money into every property. hBits registered hBits Investment Trust as an SM REIT in April 2025 and plans to move its properties, about ₹500 crore under management by 2024, and new purchases into listed schemes managed by hBits Investment Management. As of the last readable copy of its site, the schemes page said offerings were launching soon and invited investors to a waitlist. Until a scheme lists, there is nothing to buy under the registration. Strata surrendered its SM REIT registration on 14 May 2025 after SEBI reviewed legal proceedings involving a promoter, having launched no scheme. SEBI accepted the surrender, told investors to exercise caution and barred the company from presenting itself as SEBI-regulated. Strata, run by Everstrat Property Management, describes itself as RERA registered and keeps selling minority stakes in one SPV per building from ₹25 lakh, with Strata as asset manager under a services contract. The regulation page on the SEBI SM REIT framework explains what the registration requires and what leaving it removes.
Fees Side by Side
Property Share is the only one of the three whose fees you can read before you invest, because every scheme has an offer document. The pattern across the four filed so far: a one-time acquisition fee of 1% to 3% of the property price paid out of the IPO proceeds to the manager, nothing in the scheme's first financial year, then 0.25% to 0.50% of the money raised each year, and up to 3% of the gross sale value when the building is sold. The newest schemes, Celestia and the draft Lumina, add a one-time capital arrangement fee of about 3.9% of the raise, and the manager projects a total expense ratio of 0.65% to 0.80% in the second year. Brokerage and demat charges apply when you buy or sell units, and gains above ₹1.25 lakh are taxed at 12.5% after a twelve-month hold. hBits publishes no fee, because no scheme has listed. The investment manager's fee will be in each scheme's offer document and nothing else is on the website. Strata publishes no entry or annual fee. It is paid a performance fee, a percentage of the net profit when the asset is sold, set in the documents you sign for each opportunity, and its asset management fee to each SPV sits in those documents too. That is not unusual for a private SPV deal, and it means the cost of a Strata position is only knowable deal by deal, after you have been sent the papers. The fractional real estate fees guide explains why a fee you cannot read before investing is a reason to start small.
How You Get Out
This is where the SM REIT framework earns its keep. Property Share units are listed on the BSE and sell through your demat account on any trading day like any other listed security, with no lock-up and brokerage as the only cost. Whether you sell at a good price depends on a buyer being on the exchange at that price, and the site makes no promise about trading volume, but the route exists every day the market is open. hBits units will work the same way once a scheme lists. Its site says SM REITs let you sell without long waiting periods, and nothing is trading yet, so there is no exit because there is no entry. Strata is a private SPV stake. Each opportunity sets a lock-in of three to six months, after which you can try to resell your stake to another investor, wait for the whole asset to be sold, or rely on a pre-defined exit written into the deal. Its risk disclosure says to expect a significant period beyond the lock-in and that a minority holder's exit depends on the other investors. That is the honest description of an unlisted stake, and the guide to whether fractional real estate is liquid is the one to read before signing. On payouts, Strata pays monthly rent from the SPV, Property Share distributes rent to unitholders, and hBits promises at least 95% of cash flow quarterly once it has a scheme.
Who Each Is For
Property Share is for anyone with ₹10 lakh who wants a regulated, listed, readable way to own a slice of a leased Indian office and be able to sell it on an exchange. It is the only one of the three that is a working product under the framework today, and its offer documents are the best due-diligence material in Indian fractional property. hBits is for the same investor who is willing to wait. Its registration is real and its track record in the SPV model is longer than Property Share's as a REIT manager, but a waitlist is not an investment, and there is no fee, lock-in or trading figure to compare until the first offer document is filed. Check the schemes page before you assume anything has changed. Strata is for an investor with ₹25 lakh who wants a specific building, monthly rent and a shorter stated lock-in, and who has read SEBI's May 2025 caution and the risk disclosure and is comfortable with an unregulated minority stake whose fee and exit are set deal by deal. Its self-reported figures, more than ₹3,800 crore under management and over ₹260 crore of rent distributed, describe the SPV business it has run since 2019, not a product SEBI supervises.
Verdict
Property Share, by a distance, for anyone choosing today. Listed units, public fees, a manager that co-invests, an exchange exit and SEBI supervision are the whole point of the SM REIT framework, and it is the only platform of the three delivering them. hBits is the one to watch: same framework, first scheme still to list. Strata is the one to read SEBI's notice about before you read its listings. None of the three is on the Threeworld index yet, because none publishes listings Threeworld can read, so there is no live box above. Each has a profile with its structure, fees, exit terms and incident log, and the comparison page sets the three beside every other platform worldwide on the same fields.
Questions people ask
Which is better, hBits, Strata or Property Share?
- Property Share, for anyone investing today. It is the only one with SEBI-registered Small and Medium REIT schemes listed on the BSE, with public fees and an exchange exit. hBits holds the same registration but has not listed a scheme. Strata surrendered its registration in May 2025 and sells unregulated SPV stakes.
Is Strata SEBI regulated?
- No. Strata surrendered its SEBI Small and Medium REIT registration on 14 May 2025 without launching a scheme, after SEBI reviewed legal proceedings involving a promoter. SEBI told investors to exercise caution and barred the company from presenting itself as SEBI-regulated. Strata describes itself as RERA registered.
What is the minimum investment on Property Share, hBits and Strata?
- ₹10 lakh (about $12,000) on Property Share and hBits, which is the SM REIT lot size, and ₹25 lakh (about $30,000) on Strata.
Can I sell my Property Share units?
- Yes, on the Bombay Stock Exchange through your demat account on any trading day, paying brokerage only. A sale needs a buyer on the exchange at your price and Property Share makes no promise about trading volume.
Has hBits launched its SM REIT?
- SEBI registered hBits Investment Trust as a Small and Medium REIT in April 2025, but as of October 2026 no scheme has listed and the site invites investors to a waitlist. Fees, lock-in and trading terms will appear in the first scheme's offer document.
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