Forget Post-Retirement Worries If You Have Invested In These 3 Places
Viji Prakash, a 55-year-old engineer is nearing retirement. However, unlike most people of his age, he doesn't look very worried about the post-retirement settlement. Moreover, he's also eagerly looking forward to fund his 25-year-old son's higher studies in London. Prakash says, “Traditionally, we aren't rich. All I inherited was a parcel of plot in Kochi but I did exit the market at an opportune time. The Kochi international airport had taken shape and there were enough and more takers for real estate, especially NRIs who wanted a second home in the city besides their ancestral property in remote parts of Kerala. I invested the proceeds into a ready for sale 3BHK residential house in Delhi's Roop Nagar in 2002 where my daughter would stay for the next three years to complete her graduation.”
All this while Viji was living (and working) in Bangalore where he owns a 3BHK in HSR Layout. Viji decided to put his money into Delhi market because he saw an opportunity to earn good rental income especially because Roop Nagar is close to some of the Delhi University's choicest colleges and there is a regular demand for flats on rent. Prakash's daughter, Mary Prakash shared her flat with two other friends from college, each of whom contributed Rs 3,000 per month towards rent and food. Thereafter, fresh batches of post-graduate and under-graduate students flocked for rented accommodations. Ever since the 'side-business' has been lucrative. Since Prakash didn't have to take on the burden of EMIs to fund his investment in Delhi, he used the money to purchase a 2BHK near Hosur, quite close to Christ College and in the vicinity of numerous coaching centres, e-commerce, textile business centres and IT/ITes offices. So, if you have invested near a popular university area, you need not worry about assured income every month.
Second, investments near hospitals and even job centres are a great idea. In cities such as Pune where there is an excessive dependency on road transport, there is no better blessing than living close to work. In fact, inclination towards walk-to-work projects is an indicator that buyers are ready to pay more for a house close to workplaces or business districts. Similarly, homes on short-term leases work well for cities that are increasingly becoming medical hubs such as Kerala, Vellore and Lucknow. Those unwillingly to pay heavy admission fees to stay within hospital premises and still wanting to be close to hospitals are eagerly taking up this option. Joseph Manjuran, a broker at Kerala Estates, says, “There are a plenty of cases when NRIs prefer leasing out their property to short-term tenants, preferably those who want to stay for three months to a year. This keeps their houses safe as well regular income flowing in. Those looking at cheap accommodations in localities close to Pushpagiri Medical Hospital in Tiruvalla are many. They are willing to pay any amount because any day, the amount quoted would be significantly less than hospital room charges.”
Third, forget worries if you have bought a property near a school. Yes, it may sound a little strange but there is no dearth of parents who want to shift into a flat closer to their child's school. Kalpesh Mehtani, 38, moved to Bengaluru's Cox Town three years back to set up his own business in the locality's vicinity. His wife, a school teacher left her job to tend to the kids. There are more than 30 schools in Sarjapura, the locality where Mehtani's children study. “My wife started taking tuitions for children and now my kids are just half an hour away from schools as opposed to one and a half hour that took a toll on their health,” says Mehtani. A city based broker, JJ Vaidyanathan of Prime Realty, says, “I have dealt with many cases where couples are shifting to new localities only because it is easier for their children to manage school and school timings. Rents may be higher but it is way easier to pay a little more than stay stuck in the traffic. School admissions are a tough time as well so the closer you are to a locality where there are more schools, you have a better choice of options as well.” Some of the upcoming localities and developers in big cities are making sure that they come with projects that serve the interests of such home buyers.