This post is in continuation of my What I Learnt from Series (see here)
Amitabh Bachchan is one of India’s greatest film stars and has millions of fans.His financial life has been fairly fascinating and he has gone from being broke to being India’s top taxpayers to being broke and to again being India’s top taxpayers.
What I learnt from him: In a ever populous and growing country like India, it is more beneficial to own property for a long period (25/30 years) instead of flipping it in a short period (2/3 years) for quick gains.
In his blog, he writes about a property in Lonavala (near Mumbai) where the famous hotel Fariyas stands: “Fariyas – the resort built on land where once we had purchased a cottage for Rs 20,000 way back in the 70′s and realizing that it was a waste of time and energy and money to invest in a house here, sold it off at a tremendous profit for a lakh of rupees and thought we had done a great deal. Today this sprawling property would be worth hundreds of crores !! Story of my life !!”