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The New Property Millionaires


The New Property Millionaires

Last updated: May 28 2007
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  • The New Property Millionaires

    Varun Soni, May 27, 2007
    The Financial Express

    The first time that Sudhanshu Mishra invested in property was when he was 29 years old. He bought a home in Lucknow, which is now occupied by his parents. Subsequently, after relocating to Bangalore, he invested in property by buying two three-bedroom apartments, one of which is in the process of being sold. Bought for Rs 33 lakh, the market rate of the apartment in question today is Rs 65 lakh, giving Mishra a profit of Rs 30 lakh.

    The same goes for interior designer, Lavina Khanna. She bought her first property when she was 30 years old in Dwarka, which was just beginning to make a mark on the property scene in Delhi. She bought the three-bedroom apartment for Rs 15 lakh and sold it Rs 30 lakh after four years. “Appreciation was not as fast then as it is today. Now, it does not make sense to hold on to property for more than two-three years,” says Khanna, who has bought two apartments in Gurgaon and one in Greater Noida at Rs 2,200, Rs 2,100 and Rs 1,800 per sq. ft respectively. Earlier, she has sold one apartment for Rs 3,000 per sq. ft., which she bought at Rs 2,100 per sq. ft, two years ago.

    The lure of big bucks is too great to resist and if you can perfect the art of garnering them periodically, then why not! Investing in real estate is the new mantra for a lot of people in India today, considering the boom that the sector is witnessing of late. But, the investment bug has bitten the young more and with them they bring in new ideas and values.

    The most prominent trend that is being witnessed today is the decreasing period of ownership in property. Most youngsters today— in the age group of 25-35—are buying property and holding it only for two-three years. The reason—they prefer short gains rather than sitting on property for life, and the best way to do this is by buying through pre-launches.
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