How About Buying 'Specially Placed' Properties?

Radhika Tandon, 46, is a lucky woman. She owns a house in the city of Gwalior that lies close to the Captain Roop Singh Stadium. This proximity has naturally increased the value of her house. Her children not only enjoy the regular matches that take place at the stadium but also can go there for their sports activities. However, when a cricket tournament is underway, parking issues, littering, traffic jams, etc, start bothering Tandon.

Then there is Paresh Khandelwal. The 50-year-old lives in Kolkata and owns a plush apartment in one of the prominent high-rises of the city. He never wished to sell this apartment until his company promoted him and asked to shift his base to Dubai. Forget selling, even leasing became a difficult proposition for Paresh. His apartment was on the 13th floor and his flat number was 130.  He never believed in any of the superstitions but ultimately failed to find any buyer who is just like him. And the ones he managed to find, bargained the cost to half just because of the floor number.

There are many more cases where buyers and sellers have been a prey to this dilemma, to or not to invest in properties which are 'specially' placed.  

What is the 'unusual' placement?

The 'unusual placement' of a property implies those locations which would impact purchase and selling prospects in present as well as future. Homes close to cemetery ground are often not well received by buyers who practice Hinduism. Similarly, a residential project with close proximity to the dumping ground is a big no for most buyers. Owning a home close to VIP areas can be a challenging experience as you have to get used to frequent barricading, road blocks and traffic jams. Properties which are in the main market of the city will be categorised in this segment as day-night honking vehicles, parking issues; frequent tussles between power groups can give you sleepless nights.

Also read: 5 Reasons Why You Should Invest In An Unusual Property

Does it impact prices?

Rajeev Makhani, one of the prominent real estate consultants from Mumbai, suggests that such factors do influence property prices and this can go up to 25 per cent of the market value.

“Properties close to VIP areas are expensive as it carries 'premium' tag, no matter how long is the list of challenges associated with it. Similarly, properties which have negative notion attached to it will be sold on bargained cost. This usually can bring down the property rates by 10 per cent of the total cost.”

Makhani further adds, “There are people who are not superstitious and do not believe in the unlucky 13th floor or house number or owning a home close to cemetery or burial ground. They can get a good deal while negotiating prices which can be almost 10-20 per cent cheaper than asking values.”

What to look out for?

Before buying a property that has any kind of 'special', keep certain things in mind:

*Places such as cemeteries and graveyards are areas that are usually dominated by negative energies, according to Vastu Shastra. You can balance the energy in homes close to these areas by hiring a Vastu consultant.

Also read: Why Are HNIs Opting For Transitional-Themed Homes?