The value appreciation of real estate properties goes ups and downs along with the presence of any reputed schools in the area. The higher reputation the school has the higher value real estate property gets.
High reputed schools normally admit children into kindergarten on the basis of local address. As a rule such schools accept the children within a distance of three to five kilometers away from the school. So the people opt for homes which are close to such schools of reputation. Real estate builders realize the importance and act accordingly.
There are many parents who have taken homes on rent just to gain an address nearby the school locality. Most of the schools admit children from the schools’ neighborhood area. The school authorities say this is to avoid long commuting hours of the children.
By getting an admission in the nearby schools will reduce the commutation hours. If the child is coming from a longer distance he or she may have to start the journey early in the morning. This should be avoided, said Revathi Sridharan who recently retired as school principal. She said that admission in nearby schools make it easier for the child.
Yet there are many instances in which children are coming from longer distances. In some areas where there are no schools of reputation, parents have no other option than sending their children to far away schools. To avoid this most of them demand for homes where there is at least one such school of reputation.
School authorities revealed that they do demand the parents to shift their homes near to schools. When the School authorities find out that some primary students is coming from far away they ask their parents to settle near the school.
Studies show that some parents attach higher importance to some schools. Many parents also admitted that they have sold their real estate properties just with the purpose of coming closer to schools.
Mr. Reddy who recently bought a home near to one reputed school said that he selected the home just because there is a school of reputation nearby. He further added that he had looked for amenities and facilities of the residential project yet his prior concern was the presence of nearby shool.
Prospective home buyers do look for the provisions such as open space and greenery. Facilities and amenities of a real estate residential project also play their roles, yet most of the sales are done on the basis of nearby schools.
Consider the growth of Tiruvallur in Chennai. Six years ago the rate of this area was merely Rs.200 per sq. ft. This was the time when there were no schools of reputation. But with the arrival of the Shree Niketan Group of Schools in the area the real estate prices have gone up to Rs.2800 per sq. ft. Besides, the area too grew highly.
The area now has become highly developed and has supermarkets and shopping malls. Everything was brought by the presence of one school of reputation. CeeDeeYes group’s proposal to construct Chennai Pattinam real estate project in Tiruporur with the concept ‘walk to school’ is another instance of success.