YOU know life's ultimate paradox? Being a veritable crorepati but not being able to buy yourself a ticket to see your only child! Meet Vikram Kumar, aged 72, the embodiment of this paradox. Proud owner of a ramshackle bungalow situated on a 500 square yard plot in the posh colony of Vasant Vihar in New Delhi, Vikram is broke. In spite of regular pleas to sell this property for a fat sum of Rs 10 crore (Rs 100 million), he flatly refuses. Why? A mixture of pride, emotional attachment and status prevents him. Vikram is thus a crorepati only in name, basically a fake crorepati!
As a result when his beloved daughter Radhika in the US invited him over to stay, Vikram didn't have the money to make the trip much as he wanted. The sum, a paltry lakh or two!
So what can Vikram do to get himself out of this absurd situation of being a broke crorepati?
The simple answer lies in adopting the strategy of 'relocation of real estate'. Well, this is really a new bold and smart modern age initiative to bring better financial strategy especially for senior citizens and for persons with fixed income.
The theme of 'relocation of real estate' (let's refer to it as RRE for convenience) envisages changing the location of your real estate specially keeping in view the financial requirements of old age, financial commitments for the family and such other related matters. So how do you go about it?
- The first stage demands that you shed out your ego hassle, emotional bonds and any sense of false social status attached with owning real estate in a posh area.
- Now that you've done that take a firm decision to sell off your old costly residential bunglow.
- From the sale proceeds so realised, buy a residential apartment in an equally posh residential area if you so desire.
- In this process of relocation you’ve now got financial independence, instantly.
- Invest the balance money towards fulfilling your other aspirations: a personal chauffeur driven car, join costly clubs of the area, lavish tours and foreign trips.
You don’t have to have a posh bungalow to implement RRE. You can be living in a large flat which you feel is too big for the two of you, so shift to a smaller flat and free up the money to enjoy complete freedom from financial worries in years to come and live life to the fullest.
Moreover, this also helps in the process of cutting down maintenance cost and it also eliminates the hassles of safety and security in old age. This is especially important for senior citizens living in independent houses, whose children have left or whose children live abroad.
Some view RRE as a new lease of life that enables them with resources to implement their dream project or business. Others use the money to provide financial assistance to their children who may need it to set up their lives.
Whichever way you look at it, RRE is here to stay. You needn’t live the life of a fake crorepati like Vikram. You'll find out that life is much better as a real crorepati.
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