This comprehensive episode of the Paisa Vaisa podcast features host Anupam Gupta in an deep-dive conversation with Amit Agarwal, the CEO and co-founder of NoBroker, to decode the complex Indian real estate market for 2026 . We begin by exploring the disruptive journey of NoBroker which started in Bombay back in 2013 to solve the massive problem of fly-by-night brokers and high commission fees that have plagued the property market for decades . Amit explains the critical math behind the rent versus buy dilemma that every Indian professional faces today, highlighting why renting often makes more financial sense because typical residential rental yields are only between two to four percent while home loan interest rates hover around eight percent . The discussion provides a detailed analysis of the Model Tenancy Act which balances the rights of both owners and tenants by capping security deposits at two months and establishing a hierarchy of rent courts for sixty-day dispute resolution . We also address the infamous bachelor tax and societal discrimination where single tenants are often charged a premium despite being high-value renters with more disposable income than traditional families . This video is a masterclass for anyone looking to understand the real estate ecosystem from property appreciation and wealth generation to navigating the strict rental processes of Mumbai versus the more casual documentation found in other major Indian cities

Key Takeaways

• The 8% Rule: Buying a home is often financially inefficient in India because rental yields (2-4%) are far lower than home loan interest rates (8%) .

• Commercial Potential: Investors can achieve up to 12% rental yield by targeting small commercial shops instead of residential apartments .

• Deposit Laws: The Model Tenancy Act aims to stop the "Bangalore trend" of high deposits by capping them at a maximum of 2 months.

• Bachelor Advantage: Landlords should stop the "Bachelor Tax" as single tenants often pay more rent and have higher disposable income .

• The Amenity Trap: Post-COVID luxury boom has pushed many into paying high maintenance for amenities they rarely use .

• Investment Zones: For 2024, Pune offers "great deals" for investors while the NCR market is currently a zone to be "most careful about"

From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.

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In this landmark episode of Paisa Vaisa, Anupam Gupta reunites with the leadership team at White Oak Capital—Founder Prashant Khemka and CEO Aashish Somaiya—to dissect the radical transformation of the Indian market over the last three years. As the Nifty has surged from 18,000 to 26,000 and SIP inflows have hit a staggering ₹30,000 crores per month, we explore whether the Indian retail investor has finally matured or if we are simply chasing the latest momentum in gold and silver.

Prashant Khemka provides a rare global perspective, drawing parallels between India’s current economic cycle and the "middle-income traps" that have historically hindered countries like Brazil. He breaks down why a realistic 11% pre-tax return is the "gold standard" for the next two decades and why the "alpha potential" in India remains among the richest in the world for bottom-up investors.

Aashish Somaiya addresses the "dark side" of social media and the rise of finfluencers, explaining why it is the industry's moral duty to speak to the younger generation in relatable terms. Together, they reveal the "Chemistry of Investing"—a framework showing how strategic equity allocation can actually improve risk-adjusted returns without the volatility most investors fear. Whether you are worried about the "exit" of private equity via IPOs or wondering how to stay disciplined when the market goes nowhere, this masterclass provides the roadmap for your 20-year wealth creation journey


TAKEAWAYS
-Realistic Expectations: Investors should aim for roughly 11% pre-tax returns (9% post-tax) over a 20-year horizon based on GDP growth and inflation .
- The Behavioral Gap: The biggest threat to wealth isn't fund fees; it’s the retail habit of getting in and out of the market at the wrong time.
- Retail Maturity: Despite low recent returns, SIP flows remain strong at ₹30,000 Cr/month, signaling a structural shift in how Indians save.
- Middle-Income Trap: India is currently at an early stage compared to Korea or Taiwan; the risk of a "trap" usually stems from extreme socialist policies .
- IPOs are Vital: IPOs are not just "exits" for VCs; they are a funding mechanism for businesses that eventually create jobs and grow the economy.
- Alpha Potential: India remains one of the richest markets for alpha globally, especially for managers using a bottom-up research approach.




From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.

Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more
Watch full episodes right here on YouTube
Explore more at ivmpodcasts.com

Connect with Anupam Gupta:
Twitter: @b50
Instagram: @b_50
LinkedIn: Anupam Gupta

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In this episode of Paisa Vaisa, host Anupam Gupta welcomes Jonathan Guthrie, a veteran award-winning journalist and the former head of the renowned Lex column at the Financial Times. With a career spanning decades at the heart of London’s financial district, Jonathan shares deep insights from his latest book, The Truth About Investing.

The conversation dives into the fundamental shifts in the global investment landscape, comparing the mature UK stock market with the rapid financialization of savings in India. Jonathan breaks down the "Lex test" for evaluating deals and offers a masterclass on navigating the complexities of active vs. passive investing, the dangers of status anxiety, and the reality of risk and advice.

Key Discussion Points:

• The Philosophy of Investing: Why managing money cautiously over long periods beats any "get rich quick" scheme.

• Active vs. Passive Debates: Understanding that passive funds don't entirely eliminate human error and how to choose an active manager with a "special sauce".

• Financial Red Flags: How to spot "juiced" sales metrics, misleading Total Addressable Market (TAM) claims, and why you should be skeptical of "star managers".

• The AI Revolution: Jonathan’s take on the current Artificial Intelligence bubble, potential value destruction, and the lessons learned from previous tech fads.

• The Concept of "Negative Compounding": How inflation and recurring fees can quietly erode your long-term spending power.

• Market Outlook for 2025-26: Thoughts on geopolitical volatility, the role of India as a pivotal state, and the defensive value of domestic defense stocks.

Recommended Reading List from Jonathan Guthrie:

1. The Truth About Investing by Jonathan Guthrie

2. The Intelligent Investor by Benjamin Graham (with notes by Jason Zweig)

3. The Great Crash 1929 by J.K. Galbraith

4. Capitalism by John Plender

Whether you are a DIY investor managing your own portfolio or just starting your journey in the Indian equity markets, this episode provides a professional framework to help you think like a seasoned financial analyst.



From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.

Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more
Watch full episodes right here on YouTube
Explore more at ivmpodcasts.com

Connect with Anupam Gupta:
Twitter: @b50
Instagram: @b_50
LinkedIn: Anupam Gupta

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"Popularity is the biggest risk in investing."

George Joseph of ASK Investment Managers has seen the 1991 scam, the 2000 tech bubble, and the 2008 crash. In this episode, he explains why the "hype" around certain sectors today is a massive red flag.

If you think you can "time the market," George shares a sobering lesson from his own 30-year career. This episode is a reality check on Investor Temperament. We discuss why "boring" asset allocation is the only "magic wand" in wealth management and why Indians need to stop acting like traders and start acting like owners.

Don't miss: The 3 books every serious investor must read to fix their mental models.

KEY TAKEAWAYS

1. The "5 Crore" Reality: You don't need a 100x multibagger. You need 12% returns and 25 years. A ₹25k SIP isn't just a saving; it's a retirement machine.

2. "Popularity is the Enemy": If your neighbor, your barber, and your Instagram feed are all talking about a sector (AI/EV/Defense), the "easy money" has already been made. Be careful.

3. The 85% Rule: ASK filters out 85% of the market based on "Governance" alone. If the management isn't ethical, the business growth doesn't matter.

4. Boring is Beautiful: The wealthiest people in India don't trade daily. They buy high-quality "boring" businesses and let compounding do the heavy lifting.

5. The "Black Swan" Preparation: You can’t predict a crash, but you can prepare. George reveals why shifting to Large Caps now is like buying insurance for your portfolio.

6. Fix Your Brain, Not Your App: The biggest risk to your wealth isn't the market—it's your own panic. Asset allocation is the only "magic wand" that actually works.
   
   
   
   From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.
   
   Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more
   Watch full episodes right here on YouTube
   Explore more at ivmpodcasts.com
   
   Connect with Anupam Gupta:
   Twitter: @b50
   Instagram: @b_50
   LinkedIn: Anupam Gupta
   
   Follow IVM Podcasts
   We’re @ivmpodcasts on Facebook, Twitter & Instagram

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In this episode of Paisa Vaisa, Anupam Gupta sits down with Akshat Seth, MD & CEO of BirlaNu. They deep dive into the 170-year legacy of the CKA Birla Group and how one of India's oldest conglomerates is transforming for the modern age. Akshat shares his personal journey from a decade in management consulting to leading major operating businesses in healthcare and manufacturing.

If you are interested in business strategy, how large groups manage synergies, or want career advice on making the leap to the C-suite, this conversation is for you. We also discuss the massive rebranding of HIL to BirlaNu and the future of sustainable construction in India.

Key takeaways

• The Quality Litmus Tests: Akshat uses the "Family Test" for healthcare (treat patients like family) and the "Home Test" for manufacturing (make products you'd use in your own home) to ensure excellence .

• From Consultant to CEO: The transition requires shifting from pure strategy to execution—specifically the ability to build businesses from scratch (0-100) and scale mature ones (100-1000) .

• Rebranding HIL to BirlaNu: The rename wasn't just cosmetic; it signals a strategic shift to connect with modern consumers who demand technology and sustainability .

• Conglomerate Strategy: The CKA Birla operates on professional management where individual CEOs run companies, bound together by shared values rather than micromanagement .

• Sustainability is Essential: Green manufacturing is no longer a differentiator but a "hygiene factor" necessary to compete in global markets like Europe and the US .

• Hiring Checklist: For leadership roles, Akshat prioritizes three traits: Hunger for growth, Ownership of the business, and Culture Match .

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Did you know that the addictive McDonald's Piri Piri mix or the Sour Cream & Onion flavor of Balaji Wafers were created by the man sitting in this chair? 🍟😲

In this episode of Paisa Vaisa, Anupam Gupta sits down with Ajay Mariwala, the visionary behind VKL Seasonings and Food Service India (FSIPL). Ajay is the "Secret Sauce" of the Indian food industry—literally! He shares the untold story of how his team beat global multinationals by a "mile and a half" to become India's #1 seasoning company.

From flying to Valsad to pitch a new flavor to the owners of Balaji Wafers to turning his mother's pickle recipe into ITC Bingo’s iconic Achari Masti, Ajay reveals exactly how billion-dollar flavors are invented.

We also dive deep into the brutal reality of the restaurant business. If you dream of opening a cafe, you need to hear Ajay’s "Head vs. Heart" advice , why 35% is the magic number for food costs , and the unique "Toilet Test" you must do before buying a franchise.

Takeaways

1. The Creator of Icons: Ajay’s team is responsible for creating the McDonald’s Piri Piri mix and Balaji Wafers’ Sour Cream & Onion flavor, beating global competitors.

2. The QSR Golden Ratio: For a Quick Service Restaurant to be viable, food costs must stay between 33-35%. Rent should always be the second highest cost, not the first.

3. Head Over Heart: Don't open a restaurant just because you love food. You need a 24-month cash runway because most restaurants fail in the first 9 months due to quality inconsistency.

4. The "Toilet Test": The best way to judge a franchise's operational discipline isn't the food—it's the hygiene. If the toilet is clean, the kitchen is likely clean too.

5. The Tier-2 Opportunity: Expansion in major metros (Mumbai/Delhi) is slowing due to high rents and saturation. The real ROI is now in Tier 2/3 cities where rents are 8-12% (vs. 15-20% in metros).
   
   From decoding your personal finances to demystifying business models, Paisa Vaisa delivers candid, insightful, and jargon-free conversations.
   
   Listen on Spotify, Apple Podcasts, Amazon Music, JioSaavn, Gaana & more
   Watch full episodes right here on YouTube
   Explore more at ivmpodcasts.com
   
   Connect with Anupam Gupta:
   Twitter: @b50
   Instagram: @b_50
   LinkedIn: Anupam Gupta
   
   Follow IVM Podcasts
   We’re @ivmpodcasts on Facebook, Twitter & Instagram

See omnystudio.com/listener for privacy information.

Anupam Gupta and Vishal Bhargava dive deep into selecting the right property. Vishal explains why apartments should have a minimum of 650 sq ft carpet area for a 2BHK and warns against the deceit of sample flats (no doors, small beds). They expose the Amenity Illusion (swimming pools are "item numbers") and the low quality of construction from branded developers, who often prioritize timely delivery over quality. They discuss Bombay's enduring strength (waterfront, 24/7 energy) versus the "race to the bottom" in Gurgaon, and the extreme tenant profiling happening in markets like Bangalore. Don't fall for the "inventory of choice" fear—there is always supply, so Don't Rush! #MumbaiRealEstate #PropertySelection #BuilderQuality

Takeaways-

• 1. Rule of 35 & 5-20-30-40: Buy a house only after 35, following the 5x annual income, 20-year loan max, 30% down payment, 40% EMI limit rules.

• 2. Location vs. Address: Prioritize a good Location (e.g., Dharavi connectivity) over a vanity Address (Pali Hill), as location eventually becomes the address.

• 3. Builder Due Diligence: Check the builder's delivery history and the interest rate their lender charges to assess risk.

• 4. Property Specs: Aim for a minimum 650 sq ft carpet area for a 2BHK and beware of deceptive sample flat tricks (small beds, no doors).

• 5. Investment Strategy: For aggressive investment, bet on migration to convert a "bad address" (good location) into a "respectable address."

• 6. Small Ticket Investment: REITs are preferred over Fractional Ownership due to liquidity, despite REITs offering less asset-specific focus.

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Indian Equities gave 0% returns recently while Gold soared 40%. Should you switch? In this episode, Sandeep Bagla (CEO, Trust MF) reveals the $26 Trillion Global Mistake central banks made and why Inflation is the only indicator you need to watch. We also expose the "FD Lie"—why your fixed deposits might be losing value—and reveal the future AI-enabled strategy that could disrupt the market. Topics: Gold vs Equity, Debt Fund Secrets, The Small Cap Bubble.

Takeaways

• The "Inflation + 2%" Rule: Bond yields simply track Expected Inflation + 1.5-2%. Master this single variable, and you understand 80% of the debt market.

• The "Duration" Cheat Code: Beat FDs by buying Long Duration (Gilt) Funds before rates fall. It’s about capturing capital appreciation, not just locking in rates.

• The "Granular" Safety Net: Why no crash despite FII selling? The ₹28,000 Cr/month SIP flow. These are sticky ₹3,000 micro-investments that don't panic-sell like institutions do.

• The "Small Cap" Illusion: A ₹35,000 Cr giant is still labeled "Small Cap" in India! Don't be fooled—the explosive growth is often in the actual small companies that big funds are too large to buy.

• The DIY Trap: Investing is a specialized job. Don't gamble your family's future on DIY stock picks. Follow Buffett’s advice: Trust professional managers with 90% of your wealth.

• The "Gold Signal": Gold beating Equity by 40% signals inflation fear, not a broken market. Do NOT sell your stocks—simply extend your time horizon to 5 years.

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