Akshat Shrivastava

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03/08/2024

Burj Khalifa was built in 2004. In 20 years, it helped transform Dubai's economy.

Lakhs of Tourists come to see Burj Khalifa. Most of them international tourists, which adds more money to Dubai's economy.

Now, Indian politicians look at this case study: and say "let's build giant structures, tourists will come, jobs will be added. And, money will flow like river"

In fact: many politicians in India have tried emulating this model.

For example: In Noida, Mayawati spent 2600 Crore of Public Money on building numerous statues. Did it transform Noida's economy?

Absolutely not.

What people miss is: a structure is the centerpiece. Planned infrastructure needs to be built around that (that's the hard part).

Near Burj Khalifa, for example:-

- Females can go out at the middle of the night (safe)
- Easy to get a Cab/travel (good transport)
- If you have a baby, you can use a baby stroller. And walk for kilometres.

A developer called EMAAR not only built Burj Khalifa, but did the masterplan development for entire Downtown.

Their vision was to give tourists a great experience.
And, they succeeded.

Unfortunately, in India: the vision is to build a structure. Make reels and vlogs with it (take media credit)

Therefore, we have reached a point where even our newly constructed Parliament is leaking, despite spending several crores.

03/08/2024

Burj Khalifa was built in 2004. In 20 years, it helped transform Dubai's economy.

Lakhs of Tourists come to see Burj Khalifa. Most of them international tourists, which adds more money to Dubai's economy.

Now, Indian politicians look at this case study: and say "let's build giant structures, tourists will come, jobs will be added. And, money will flow like river"

In fact: many politicians in India have tried emulating this model.

For example: In Noida, Mayawati spent 2600 Crore of Public Money on building numerous statues. Did it transform Noida's economy?

Absolutely not.

What people miss is: a structure is the centerpiece. Planned infrastructure needs to be built around that (that's the hard part).

Near Burj Khalifa, for example:-

- Females can go out at the middle of the night (safe)
- Easy to get a Cab/travel (good transport)
- If you have a baby, you can use a baby stroller. And walk for kilometres.

A developer called EMAAR not only built Burj Khalifa, but did the masterplan development for entire Downtown.

Their vision was to give tourists a great experience.
And, they succeeded.

Unfortunately, in India: the vision is to build a structure. Make reels and vlogs with it (take media credit)

Therefore, we have reached a point where even our newly constructed Parliament is leaking, despite spending several crores.

So in India, apparently the LTCG is one of the lowest. What this chart misses is: 1) We have one of the highest indirect...
03/08/2024

So in India, apparently the LTCG is one of the lowest.

What this chart misses is:

1) We have one of the highest indirect taxes
2) We also have additional taxes like STT
3) Our Stamp duty on Real Estate is almost 2X higher than most nations

Let's keep UAE & Singapore aside (which have lower tax rates).

In some nations like Thailand, equities are exempted from LTCG.

And, finally, let's not forget: the returns on your taxes (close to 0 social benefits for people paying direct taxes)

This is happening way too frequently now.
03/08/2024

This is happening way too frequently now.

29/04/2024

100,000 USD= 18 Lakh in INR (in Purchasing Power Parity terms) but is this really true?

It is much better to make 100K USD & save 20K (roughly 16.5L); than make 18 Lakhs in India.

28/04/2024

[1] 10 years ago, investing was about capital protection.

[2] Now, investing is about capital protection + inflation protection.

[3] 10 years from, it will be about: capital protection + inflation protection + tax protection.

As the (real) inflation rises in the world: government will charge more subscription on their taxes. And, people will find it harder and harder to invest.

If anyone is actually bothered about improving the ease of doing business: they should simply do away with advance taxes...
27/04/2024

If anyone is actually bothered about improving the ease of doing business: they should simply do away with advance taxes.

[1] For a small business, it is impossible to estimate (correctly) what their turnover would be. And, keep filing the taxes every quarter.

[2] If you miss the estimates, you have to pay an interest to the government.

I don't know if this is a fair way for any government to make money (and honestly this won't be much). But, it generates mistrust.

[3] And, do a bunch of mental acrobatics for compliances.

If the government actually trusts small businesses. And, give them a little but of leeway like: filing taxes once the income clarity is there, it would go a long way in terms of creating harmony.

27/04/2024

To buy a house worth 1Cr, these should be your minimum financial qualifications:-

[1] You should have 20 Lakhs for making the downpayment

[2] Rest 80 Lakhs (let's assume you take a loan); EMI payments would be around 90K/month

[3] This should NOT exceed 33% of your household income. Therefore, your household salary should be: 2.7 Lakhs

Anything more puts massive stress on your financial well being.

Natural question: I still want to buy a house. And, my household salary is NOT 2.7Lakhs, what should I do?

Three options:

[1] Own a house in a different city (where the cost of property is lower)

[2] Buy a smaller unit (you might not like it)

[3] Save 40 lakhs first. Then buy.

This is not a full proof plan. But, hopefully the math will help you avoid disastrous decisions.

People go bankrupt owning a house when a downturn hits. The builder stops building & delays possession.

But, the EMIs keeps going out of your pocket. So controlling that should be your #1 step.

All the macroeconomics you need to know 😂
27/04/2024

All the macroeconomics you need to know 😂

If you are buying under construction property from big builders in India, you should know the story of Super Tech Builde...
27/04/2024

If you are buying under construction property from big builders in India, you should know the story of Super Tech Builders.

At one point in time, they were one of India's biggest Real Estate player. But, now their Chairman (RK Arora) is in jail. Allegations being: money laundering.

So here are key details you should know:-

[1] The firm had several international tie-ups with firms like: Knight Frank (London), Armani Casa (Italy), Arabian Construction Company (Dubai) & many more.

[2] If you look at the resume of Super Tech, you would be rest assured that they would deliver what they promise.

[3] But, the greed of big builders knows no bound. And, the common people pay for that.

In 2004, the firm acquired land to build what would later be called as Noida SuperTech Twin Towers.

[4] The initial plan was to have 14 building. But, the plan was revised 2 times. And, instead of 14 building 15 buildings were to be built: and the height of towers was increased from 20 to 40 stories.

[5] The courts later found out that all this was illegally done. And, many government entities worked hand in glove with the builder to pass these permissions.

On 28 August 2022 at 2:30 pm, the towers were demolished after the implosion in about 10 seconds. around 10,000 people watched the implosion.

This was the first time when a building with more than 30 storeys has been demolished in India.

[6] The case blew up: more details started to come (& existing investigations started to gain more steam).

In simple words it was uncovered: that the builder took (a) loans from banks (b) sold under construction properties; this money was then diverted to group companies [hence money laundering]

Given the long-lead time associated with real estate dispute resolution, it is hard to assess how much money the end users actually lost.

25/04/2024

In the next few years: we will appreciate the beauty of low rise-low density constructions.

What happened in Dubai is just a trailer of what is going to come next across major cities in the world.

Owning a box in the sky looks appealing. But, along with it, it brings challenges:

- Infrastructure
- Garbage management
- Traffic flow

Moreover, developers these days are looking to cut corners.

Making tall buildings. Making it shiny. And, keeping the cost high is a great profit optimisation game for builders, not for the owners.

Let me spell it out for you: get out while you have a chance.

We are slowly moving towards a system of 30% taxation on capital gains. [1] A lot of retail folks used to enjoy the inde...
25/04/2024

We are slowly moving towards a system of 30% taxation on capital gains.

[1] A lot of retail folks used to enjoy the indexation benefits on Debt mutual Funds.

This was taken away in 2023.

Rational? Well, Equities have no indexation-- why should debt have it?

[2] Next 2 years: Let's apply Direct Tax Code.

LTCG on Real Estate is 20%
On Equities it is 10%

Why should Equities have advantage here?

[3] Some political parties: Let's apply Inheritance tax.

In American when the rich pass on their wealth to their kids, they pay inheritance taxes.

Why should people in India enjoy this unfair advantage?

The point is no matter which political party comes to power, they will suck common people's blood through excessive taxation.

Tax whom you can.
And, doll out as much freebies as possible.
This in-short is the future of India's economic policy.

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