UK-India PropTech Start-up-Novvy.com, a global integrated real estate buying and investing platform, today announced a strategic real estate investment product with India’s Mahindra World City in Chennai to offer “Buy-to-Let” assets for buyers in India and Indians living abroad.
A block of 100 apartments within the Mahindra World City complex will be fully managed by Novyy on behalf of the buyers – similar apartments nearby currently fetch over 6 percent per annum rental returns.
Novyy will provide complete asset management services to its buyers, including but not limited to finding tenants, collecting rentals, general maintenance, and upkeep of the properties, etc.
Mahindra World City, located at Chengalpattu, Chennai is promoted by Mahindra Lifespace Developers Ltd., the real estate development wing of the $19.4 Bn. Mahindra Group.
Domestic and NRI Investors can buy 1-BHK apartments priced at 20.45 lakhs (similar apartments fetch an estimated monthly rental of 12,000) or 1.5-BHK apartments priced at 25 lakhs (similar apartments fetch an estimated monthly rental of 14,000).
Speaking about the launch of “Buy-to-Let” segment with Mahindra World City, Founder and CEO of Novyy Technologies, Ashish Saraff said, “We chose Mahindra World City as our first Buy-to-Let product in India for it’s price point and the natural rental market that the region offers. There are over 65 corporates employing over 80,000 people in the vicinity, and supply outpaces demand. In addition, rental yields in Indian metros are now capped at 3%, whereas rental returns in such regions is much higher.
“Traditionally, we mostly don’t invest outside the city where we live. And investment properties have a binary rental outcome – 0 or 1. Novyy Buy-to-Let solves both these problems. Indians can now invest anywhere in India, never be on 0 rental earnings and remain stress-free. It’s just like investing in Mutual Funds without the volatility of stock markets – Invest, Sit Back and Relax.” he further added.
Vimalendra Singh, Chief Sales Officer of Mahindra Lifespaces, said, “At Mahindra Lifespaces, we believe there is significant scope to reshape the value proposition in residential real estate in India. Novyy’s ‘Buy-To-Let’ propositionis strategically aligned to our ‘Mahindra Happinest’ offerings and could be beneficial for domestic and NRI investors alike.”