Novyy offers buy-to-let assets in Chennai's Mahindra World City

CHENNAI: UK-India PropTech startup Novyy.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.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.
Mahindra World City, located at Chengalpet, is promoted by Mahindra Lifespace Developers Ltd., the real estate development wing of the Mahindra Group. Domestic and NRI Investors can buy 1-BHK apartments priced at Rs 20.45 lakh or 1.5-BHK apartments priced at Rs 25 lakh.
"There are more than 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 are much higher," said founder and CEO of Novyy Technologies, Ashish Saraff.
“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,” said chief sales officer of Mahindra Lifespaces, Vimalendra Singh.