Let us assume that your grandfather / father bought a space in South Mumbai or Delhi for Rs. 100,000 way back in 1940s…
Your father’s practice as a surgeon was very successful and he added some more space to that. Now you are 54 years of age and you are also a surgeon – as is your wife. Your son is not interested in medicine and he has gone off in a completely different branch.
Let us come to the economics. Your practice is good and you make about Rs. 2 crores GROSS annually, and after expenses net about Rs. 1.5 crores. Take away another Rs. 50 lakhs in taxation, and you have about Rs. 1 crore income. Your wife brings in about Rs. 35Lakhs after taxes and expenses. Not bad at all considering that you live a very nice but simple life.
There is only one hassle. A builder has approached you with an offer. He is willing to buy your building for Rs. 35 crores.
Wow. You said it once, and then again.
What do you do? If you took the deal you lose the hospital – but get Rs. 35 crores. When this goes into a bank account, you can retire. You already have a huge (by Mumbai standards!) house – about 4000 sq ft. in South Mumbai, and you do not need anything more than that.
Your financial planner tells you that this Rs. 35 crores will yield enough income for you to meet your expenses and you will be able to make a foreign trip twice a year. No headaches of running the hospital, no strikes, no client backlash, – in short enough time for you to enjoy your hobbies of badminton, photography, and travel. Your son has had a brilliant academic career and is pursuing his MBA at an Ivy league school after finishing his Acturial science degree from Oxford. Absolutely no chance of his wanting to be in India.
You are also sick and tired of dealing with the municipal authorities, tax authorities, service tax, insurance paper work, and the complaining patients…what should you do?
hey doc, go get a life. Sell of the premises, go on a world tour with your new camera and have fun.
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