An ounce of 24-carat gold will appreciate at the same pace in your hand as it will in the hands of another investor. An Infosys stock will give you the same appreciation as it will to anybody else who holds it. However, real estate is very non-standard. It varies across macro markets (like Mumbai versus Delhi), micro markets (Bandra versus Lower Parel) and even across streets and neighbourhoods. This makes it a very unpredictable asset class and returns are driven as much by luck as by thought-out investment decisions.
