Hi Dipesh,
Real-Estate investment is a tedious process and is definitely for long-term. If you want an investment vehicle that can give you say 20x returns over a 20 year period, it is only Real-Estate. There are multiple ways of looking at the same.
As I said earlier, your house doesn't count as an investment. However, if you buy an additional home and rent it out, then you can consider that as an investment. However, the appreciation a flat undergoes is dependent on the area and demand for the same. For example, if you buy a flat in CBD (Central Business District), definitely you will get a good appreciation. But, do you have enough funds to buy the same?
Alternatively, go for plots. This is definitely tedious, but consider buying plots from Co-operative socities of a PSU employees' association or some reputed builder who is developing a gated community. This will definitely give you some good opportunities. In your next post, do post your location too.
Coming to your question in this post, Growth and Dividend are for different purposes. Dividend Payout is basically getting a dividend at a periodic interval. Your corpus does undergo appreciation, but is pegged back by the dividend. This is helpful for those who are risk-averse (namely our parents etc). As a youngster, unless you are dependent on the dividend as income for your livelihood, you don't need to consider a Dividend Payout option.
Money grows when it is allowed to grow over a period of time. Hence, the money that you receive as Dividend if was invested, will give you a huge return when you actually benefit from equity appreciation. For harnessing the power of equity, you should leave your money untouched. I would definitely suggest that go for growth option and leave your money in MF where it will grow.
For exit strategy, refer to one of the other posts I had commented recently. Exit only when you have a necessity. Don't exit when you have made 25% or 30% etc. Leave your money to grow unless you require it urgently.
Do post your portfolio. I will share my views on the same.
Happy Investing !!