The appreciation in value of real estate properties often fluctuates in correlation with the presence of well-regarded schools in the vicinity. Indeed, the better the school's reputation, the higher the real estate values tend to climb. High-quality schools usually prioritize admission based on proximity to the school, typically accepting students residing within a three-to-five-kilometer radius. Subsequently, many families actively seek homes situated near these reputable institutions and real estate developers are very aware of this.
Many parents even rent homes solely to secure an address within the desired school's catchment area. Schools often prioritize neighborhood children to minimize long commute times. Authorities highlight that local admissions prevent students from enduring lengthy journeys, as stated by Revathi Sridharan, a retired school principal. According to her, attending a neighborhood school is easier for a child.
Nevertheless, students from distant locations do attend, especially where quality schools are scarce. To counter that, most parents look for homes near highly-rated schools. School administrators have revealed instances where parents were asked to relocate closer to the school. When authorities discover that a primary student lives far away, they often encourage the parents to move closer.
Studies suggest that some parents elevate the importance of certain schools above all other factors. Some parents have even admitted to selling their real estate holdings to move closer to their preferred schools. Mr. Reddy, a recent homebuyer near a renowned school, stated that the school's proximity was his primary consideration. He considered other project features but deemed the schools nearby to be his priority.
While prospective home buyers consider factors like open spaces, greenery, and project amenities, the presence of nearby schools significantly influences sales. In Tiruvallur, Chennai, for example, property rates surged dramatically after the arrival of the Shree Niketan Group of Schools. Initially, rates were around Rs. 200 per sq. ft. without any schools. However, prices soared to Rs. 2800 per sq. ft. with the emergence of the school.
The area experienced substantial development, now featuring supermarkets and shopping centers driven by the presence of that one school. CeeDeeYes Group's plan to build the Chennai Pattinam project in Tiruporur, based on the 'walk-to-school' concept, shows another instance of success.