‘My sister bought a bungalow for Rs. 1.8 crores 6 years ago and today it is worth Rs. 5 crores’
‘My friend bought a flat in 2002 for Rs. 40 Lakhs and it is now worth Rs. 9 crores’
you heard these stories right?
It is not about hearing these stories it is how you interpret them that is important.
So for most people the next question is WHERE did they buy it?’
Then they hear Pune, Gwalior, Delhi, Mumbai, Panvel…………..
What then now actually hear is “if you buy a house now in Pune for Rs. 1 crore, it will go up 4 times in 5 years time’ …..then they go and buy a house….
Why? because History repeats is what a teacher told them…and they hope that the teacher was right! What they forget to hear is ‘You cannot look at the rear view mirror and drive’ – like Peter Lynch told us.
I heard one father tell his daughter ‘look at the poor return that your SIP has given and the fantastic appreciation in the real estate that we have got…so let us redeem all your mutual funds and put it in the real estate – let us buy another flat in Panvel’…..
well I also read this
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