Ar. Pushkar Kulkarni,
My story
We all think real estate is the safest investment, right?
Think again…..
Let me tell you my story – or rather, my family’s story.
I grew up watching my parents pour everything they had into one dream, owning a home that would also be an investment.
They bought a flat on the outskirts of Pune, their biggest financial investment then, a leap of faith, I would say, It was affordable compared to the city, and they hoped it would grow in value over time as city grows and the place become very accessible.
They took a ₹20 lakh loan — not just a number, but ten years of sacrifices. (This is year 2010)
No vacations, reused and repair things instead of buying new till they die, every rupee saved became valuable, risk tollerace of family went next to zero, for paying EMI religiously. Month after month, year after year.
That flat wasn’t just property; it was a decade of quiet discipline and sacrifice..
Like every middle-class Indian family, they believed:
“This is our security. This is our future.”
And for a long time, so did I.
Years later, I became an architect and began to see the world of real estate differently, start not just seeing real estate and buildings as aesthetic, functional, structurally stable, and well designs, but also started understanding macro picture of city, econonomic and finance of real estate work, how compounding can either work for you or against you, how real estate works from different stake holder’s perespective.
One day, out of curiosity, I pulled out my parents’ old loan papers and ran the numbers. I expected a story of steady growth — but what I saw hit me like a slap on my face.
After more than a decade of payments, the flat’s market value was still less than the total principal and interest they had paid.
what really?
Yes…….
Their biggest “investment” had quietly become a loss.
and sad part is the property would not pickup rate till it comes to redevelopment again, which was 10-15 years more.
The loss wasn’t just financial — it was emotional.
They had done everything right: saved, planned, worked hard, stayed patient.
But one blind belief — “real estate always goes up” — had cost them their freedom and years of time and emotional loss.
The same discipline, if invested differently, could’ve multiplied their wealth. Instead, it trapped them in an illusion — one that millions of Indian families still live in.
We’re great savers, but often terrible investors.
We criticize stock traders for being emotional, but we buy homes the same way — with hope, fear, greed and borrowed conviction.
We don’t buy homes; we buy hope.
And sometimes, that hope becomes a burden.
Yes, if we see a longer (2-3 decade) horizon real estate may not depreciate over time, but its a huge time, efforts and opportunity loss, which people often ignore, by not doing enough study, ask right questions…
That realization changed my path.
The architect in me put the pen down, and the analyst picked up.
I began to see that what happened to my family wasn’t an exception — it was part of a larger, silent story playing out across India.
So, I decided to do something about it.
That’s How Bhumiputtra Began
Not as a company, but as a commitment to self, for educating and bringing awareness amongst people
to bring clarity, honesty, and data back into how we understand real estate.
Bhumiputtra stands at the intersection of two mindsets I deeply relate to:
To look beyond façades, brochures, and glossy 3D renders —
and understand how space, structure, and design age over time.
It’s about asking:
Will this building still hold value when the shine facade fades?
Is the foundation — both physical and financial — truly strong?
To evaluate every property with the same rigor as a fund manager would do to his companies.
Ask the tough questions:
- Does the rent justify the price?
- Can it sustain the loan?
- Does the return beat safer assets like bonds or gold?
- Can we have alternate investments in real estate?
If the IRR doesn’t outpace inflation, the Cap Rate doesn’t make sense, or the WALE isn’t stable —
then it’s not an investment.
It’s a liability with good lighting.
Bhumiputtra isn’t here to sell dreams or make promises.
We’re here to help people see property for what it truly is —
a financial decision that deserves transparency, data, and respect.
If this story feels familiar —
if you want to make right real estate investment choice….
Start demanding data.
Start asking the right questions.
Because your biggest investment deserves the same level of analysis we give to stocks or gold.
Bumiputtra will be a go to companion for you real estate investment journey…
— Ar. Pushkar Kulkarni
Founder, Bhumiputtra