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BENGALURU: Proptech startup Novvy Technologies Ltd, a real estate buying and investing platform, has launched a real estate investment product in the Mahindra World City project in Chennai, to offer “buy-to-let" assets for buyers in India and Indians living overseas.
A block of 100 apartments within the Mahindra World City complex will be fully managed by Novyy on behalf of the buyers, where the company will provide asset management services to its buyers, including finding tenants, collecting rentals and maintenance of the properties.
Mahindra World City, at Chengalpattu, Chennai, is developed by Mahindra Lifespace Developers Ltd. Domestic and NRI investors can buy one-bedroom apartments at ₹20.45 lakh or 1.5-bedroom apartments priced for ₹25 lakh.
“We chose Mahindra World City as our first buy-to-let product in India for its exciting price point and the 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," said Ashish Saraff, founder and CEO of Novyy Technologies.
Property prices can be expected to go up by 5% year-on-year, 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," Saraf added.
“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 a thriving communities and features and amenities that promote user well-being. This offering could be beneficial for domestic and NRI investors alike," said Vimalendra Singh, chief sales officer, Mahindra Lifespaces.
