UK-India start-up Novvy.com, a global integrated real estate buying and investing platform, on Tuesday announced a strategic real estate investment product with 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 buyers, including but not limited to finding tenants, collecting rentals, general maintenance, and upkeep of the properties.
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. Furthermore, the Mahindra Group is one of the most respect business groups in India.”
Mahindra World City, located at Chengalpattu, Chennai, is promoted by Mahindra Lifespace Developers, the real estate development wing of Mahindra Group.
Domestic and NRI investors can buy 1-BHK apartments priced at Rs 20.45 lakh (similar apartments fetch an estimated monthly rental of Rs 12,000) or 1.5-BHK apartments priced at Rs 25 lakh (similar apartments fetch an estimated monthly rental of Rs 14,000).
Chief sales officer of Mahindra Lifespaces, Vimalendra Singh, said, “… 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.”