Wednesday, 8th April, 2020


With no buyers for their dream homes, builders to sell only dreams

16, Dec 2013 By Ashutosh Sinha

Mumbai. Since their promise of making “dream homes” available to everyone are not getting enough takers, real estate companies are considering selling dreams only.

“Thanks to inflation and costlier home loans, people can’t afford to buy homes, so we decided to strike off homes from our offering,” an executive from Sapna Realtors told Faking News.

Offering dreams on a platter, but even that is not being offered for free.

The top realty minds are hoping that selling dreams will help turn around the companies during 2014 – a year of dreams.

“General elections are due in 2014, so we will see a huge market for dreams coming up. We are targeting that market, valued at 543 billion USD,” sales head of Nindiya Constructions claimed.

It should be noted that the real estate sector usually experiences a slowdown when elections are near. Experts claim that the black money, which otherwise goes into the realty sector, is diverted to fund elections, pushing the real estate into temporary slowdown.

But 2014 general election, which is being touted as the most interesting election ever in the history of Independent India, could see the real estate companies employing an interesting strategy to ward off even this temporary recession.

“Unlike the dreams offered by the political parties, our dreams will be backed by legal papers, dream loan, attractive EMIs, flexible payment schemes, and discounts for early dreamers,” the sales head of Nindiya Constructions revealed.

This strategy was finalized in a special meeting recently called in New Delhi, where top real estate companies debated means that could be adopted for the new year to help the industry get out of recession.

“Selling dreams should make our jobs a little easier, since anyone, including the poorest of the poor has been asked to dream big by political parties,” said one member at the meeting, which quickly attracted affirmative nods.

“We need to cash in on this huge opportunity,” he said, with a wry smile on his face. The suggestion received all round support among members of the realty companies’ association.

“Dreams are of two kinds – ones that remain dreams and ones that are achieved,” explained the member, as his industry brethren listened in rapt attention, “Housing has become more of the former so we must focus on selling dreams that can be achieved. That will give us more credibility in the eyes of the public.”

Apparently the RBI governor, Raghuram Rajan has agreed to the proposal by the real estate companies and is willing to back the dream market.

“I think he has given up any hopes of a dream budget by the government, so he is banking on dream markets,” explained a finance expert.