PropTech Start-up, Novyy, launches Buy-to-Let with Mahindra World City, Chennai

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UK-India PropTech Start-up, Novvy.com, a global integrated real estate buying and investing platform, has 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% 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. The project is encompassed with open green spaces, a serene view of the lake, fresh & crisp breeze, offering the perfect spot for families to live and rejuvenate. 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 exciting 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. We are confident that investors will never have a dearth of tenants. In addition, rental yields in Indian metros are now capped at 3%, whereas rental returns in such regions is much higher. Furthermore, the Mahindra Group is one of the most respected business groups in India. It’s the best of all worlds for passive investors. Property prices can be expected to go up by 5% Y-o-Y thus pushing investment IRRs to double digits. With our fully managed offering, investors can be anywhere in India or abroad – this is stress-free property ownership and investors can manage their properties from our Buy-to-Let App!” “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. Speaking about the launch of “Buy-to-Let” segment with Novyy, Chief Sales Officer of Mahindra Lifespaces, Vimalendra Singh said, “At Mahindra Lifespaces, we believe there is significant scope to reshape the value proposition in residential real estate in India. We are focused on building modern, environment-friendly homes and communities that help craft a superior quality of life for residents. We are delighted to partner Novyy’s ‘Buy-To-Let’ proposition, which is strategically aligned to our ‘Mahindra Happinest’ offerings comprising well-connected, future-ready homes that enable aspirational lifestyles through access to thriving communities and features and amenities that promote user well-being. This offering could be beneficial for domestic and NRI investors alike.” Playing a crucial role in the real estate growth in Chengalpattu, Mahindra World City is designed to be a beacon of connectivity. A self-sustaining city, the expansive satellite town is intended to cater to the burgeoning needs of the urban communities in and around the locality.