A founder who bought a Gurugram luxury flat for ₹24 crore in 2014 saw its value rise to ₹64 crore after 11 years. Yet, after paying ₹3 crore in interest and maintenance, his XIRR stayed below 9%. Wealth manager Peeyush Aggarwal says it’s a classic example of expectation bias, big real estate gains masking modest real returns.