A reader,Ravishanker Poll, shares his angst about Piramal IndiaREIT fund:
With the ‘final’ payout made recently, the IRR works out even lower than 5.06%. Professional Chors who continue to try to get public money with fancy brochures , graphs and whatnot. Once they have your money all the updates are about how difficult the market has become, the gloomiest pictures are presented . I invested 25 lakhs and I was a fool.
9 replies on “Professional Chors ?”
whats the series of the scheme…I, II, III
Never trust anything and anyone in real estate in India
Even India venture trust fund by Piramal is same. No returns.
India REIT Domestic Scheme III. To add insult to injury, they have a customer care email address and a phone number. Neither respond….the phone is never picked up. The whole scheme is well thought out….spend on fancy brochures, extrapolation of the most favorable economic figures, high commissions to so called ‘investment advisors’ etc, etc, ….then when they have your money everything suddenly becomes gloomy !
Lesson I have learnt…..keep these ‘investment advisors’ (“Sir you will get 2X returns for sure”) far away. They are coached to pitch a marketing line, given targets to meet & live on commissions.
They aren’t the only ones!
Feroze from Anand Rathi has presented a very shocking analysis of 16 such cases!
I was at a loss for words after seeing this video: http://youtu.be/lK0i1Yje_YE
Few months back i was pitched the same Piramal Funds by someone on the other line saying that it is the best opportunity to invest with Group Like Piramal and it was close ended till then only exclusively i was been offered . I think they were short of Funds on redemption and wanted some sucker to suck in it. Wolf of WallStreet. Higher Commissions on Shittier Products.
Hi Ravi, Can you let me know. I am researching on Piramal IndiaREIT funds and connecting to their investors to get feedback. Do let me know if we can talk for few mins. Thanks.
I think a fair commentary would be to analyse different Schemes separately and not club all of them together because they all have been launched at different time periods with different starting and closure dates. As we all know, markets including real estate markets move differently at different points of time and that’s why it would be unfair to club all the Schemes together. Secondly, it would also make immense sense and a purposeful study, if we are able to compare similar REIT Schemes launched in the similar period by different AMCs and then see and compare the results. I have been told (without corroboration or confirmation from my side) that even HDFC’s REIT fund launched during somewhat similar period also did not fare well and gave little returns to its unit-holders (whereas there is no company in India which should know the pulse and all of the ins and outs of the real estate market in India better than HDFC).
We invested in a milestone fund- real estate in tier 2 cities blah blah blah… returns expected over 18-20% etc.. this was in 2008 – by the end of the period not only ended with less than 5% return but also bore losses due to some tax to be paid!!! the bastards scrwed us completely!!! We were idiots to hv believed them!