Reputed schools influence real estate market
Presence of reputed schools and educational institutions in an area alters the area’s realty growth. On the other hand, most of the schools are giving preference to admit students who reside within a 5 km radius.
Parents choose to move into new houses or buy properties in the localities close to their kid’s school. Some of them even rent houses or flats only for the sake of showing an address to keep their child in the school and keep it locked for years.
As an outcome, the property rates and rental values are rising when there is a reputed school in the neighborhood.
Staying close to school makes it easy for the child. If a student has to travel more than 5km to school, then he or she has to leave home early in the morning. At young ages it is better to avoid such stress and risks associated with it, said Revathi Sridharan, a retired school principal.
Academicians do agree that they are aware of many such students who travel long to school, showing unoccupied addresses. But if they come to know that primary students are living very far, they strictly tell the parents to move closer or make a transfer, said a headmistress of a big school.
According to real estate experts, a reputed school in the vicinity often attracts prospective buyers. For instance, in Chennai Pattinam project in Tiruporur, CeeDeeYes proposed the concept of ‘walk to school’ by tying up with the DAV Group of Schools. CeeDeeYes CMD C Devadasa Sundaram said that many buyers were keen to invest because of the branded school. From 2,500 houses in the project, at least 1,500 students are expected.
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