UK-India PropTech startup Novvy.com, a global integrated real estate purchasing and investing platform, 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 overseas.
Novyy will fully manage a block of 100 apartments within the Mahindra World City complex on behalf of the buyers – similar apartments nearby presently fetch over 6% per year in rental yields.
Speaking on the launch of Mahindra World City’s “Buy-to-Let” segment, Founder and CEO of Novyy Technologies, Ashish Saraff, said, “We chose Mahindra World City as our first Buy-to-Let product in India for its price point and the natural rental market that the region offers. Over 65 corporates are 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 are 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.
In Chengalpattu, Chennai, Mahindra World City is developed by Mahindra Lifespace Developers Ltd., the Mahindra Group’s real estate development wing worth $19.4 billion. The property is surrounded by vast green spaces, a tranquil view of the lake, and a refreshing breeze, making it ideal for families to live and relax.
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’ proposition is strategically aligned to our ‘Mahindra Happinest’ offerings and could be beneficial for domestic and NRI investors alike.”