New Delhi, Sept. 1 -- At 83, S. Jagannatha Rao no longer owns a house. After his wife died, Rao found himself living alone in a three-bedroom house while his two sons were in Bengaluru. The property needed upkeep, and there was little reason for him to continue living so far from his children.

Buying another house in Bengaluru was an option, but homes near his sons were expensive. So he chose to rent instead. He sold the Bhopal house and invested the proceeds in Section 54EC capital gains bonds, government securities and fixed deposits. Separately, he also sold an ancestral property in Andhra Pradesh that held greater emotional value.

"I was not reluctant to sell the Bhopal house as it was in everyone's best interest to sell and move on...