It's Time for Hindi Film Industry to Make Khosla ka Ghosla 2 - Vivek Kaul's Diary
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It's Time for Hindi Film Industry to Make Khosla ka Ghosla 2

Sep 9, 2016

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A few years back, briefly for a period of two weeks, I thought I had the makings of a Hindi film script writer. I even got around to sketching the basic outline of a romantic comedy around a credit card defaulter and a bank manager who is trying to sell the defaulter a unit linked insurance plan (I guess that bit came from the fact that I used to write a lot on personal finance during those days and unit-linked insurance plans were being mis-sold left, right and centre, at that point of time. Talk about real life becoming a filmi inspiration).

Like often happens in these cases, more important things took over. And that was that.

Nevertheless, I still think I have the ability to spot a story which would make for a good Hindi film. Events that have happened over the last few days lead me to believe that there is good story brewing, which can clearly act as an inspiration for Khosla ka Ghosla 2.

Khosla ka Ghosla was a sleeper hit which released in 2006, a decade back. The movie was set in and around Delhi and the main character in the movie is called Kamal Kishore Khosla. He owns a piece of land on which he hopes to build a house for his family someday.

This land is usurped by a powerful property dealer called Kishan Khurana. This leaves Khosla high and dry, without any land and extremely disappointed. But like any average Indian he comes around to the idea, by blaming his fate for it.

In the time to come Khosla's elder son, along with another property dealer who has a score to settle with Khurana, and a bunch of theatre artists, come together and ensure that Khosla gets his land back. In the process they also take Khurana for a ride without him knowing about it and by the time he figures it out, it's too late.

The fact that the story revolved around small guys taking on a big bad individual, gave it that winning feel, which many Hollywood biopics tend to have.

Over the last few years, real estate companies in and around Delhi, sold homes to people. The payments were made by the buyers and the possession was to be handed over in the years to come. The years have gone by but the homes are yet to be handed over.

It's Time for Hindi Film Industry to Make Khosla ka Ghosla 2

Hence, the buyers are stuck. In many cases, they continue to pay the rents of the homes they live in and the EMIs for the home loans they had taken on for the homes they had hoped to live in.

A few of these buyers have gotten together and taken the real estate companies to court. Some of these cases have recently reached the Supreme Court. Last month, Unitech and Parsvnath Developers told the Supreme Court that they had no money to pay the buyers whose homes had not been delivered.

This week the Supreme Court directed the builder, Supertech, to repay money it had taken from buyers in a Noida project and had been unable to deliver on time.

"You sink or die, we are not concerned. You will have to pay back money to homebuyers. We are least bothered about the financial status," the Court told the company.

In August, the Supreme Court had directed Unitech to refund Rs 15 crore to a group of buyers who bought homes in projects and Gurgaon. These projects have been delayed.

A recent report in The Economic Times points out that: "A search on the Delhi High Court website revealed more than 40 cases pending against real estate developer Unitech Ltd. On the website of the National Consumer Disputes Redressal Commission (NCDRC), 929 entries came up on searching for Unitech."

The question is if companies had taken on money from buyers to deliver homes, where did that money go? Was that money siphoned off? Or was it used to build earlier projects?

If it was used to build earlier projects, where did the money collected for earlier projects go? So, somewhere down the line, some money which was supposed to be used for building homes was used for something else.

Up until now, this was not a problem because the builders could always launch a new project and use the money collected against that project to complete an existing project. Now buyers have largely caught on to this game and stay away from new projects. Hence that regular money flow has dried up.

But the question still remains, where did the money go. As Business Standard newspaper writes about Mohit Arora of Supertech, the latest company to have faced the ire of the Supreme Court: "Even Arora, whose company is the latest to be slammed by court, told this newspaper, "judiciary is sending a strict signal to all developers and it may help improve the scenario". But he adds, "Not everything is our fault" as there is just no cash in the system [emphasis is mine]."

But where did the cash go? No real estate company has bothered to answer this basic question. Not that the media has bothered to ask.

My guess is that with the Supreme Court breathing down the neck of builders, more buyers with homes which have not been delivered, will take builders to court. And that will be a good development.

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In order to generate cash, the builders will have to sell out on the inventory that they are holding out on by cutting prices. It will also force some of them to sell their land banks leading to a fall in land prices. This will ultimately have an impact on home prices as well, given that land is the biggest input into building apartments.

And that leaves us with Khosla ka Ghosla 2. The fight started by a small set of homebuyers against big builders by taking them to court, could make for a very interesting film script. It has all the right elements of a good David versus Goliath kind of story.

It starts with a dream getting fulfilled-a middle class Indian finally gets around to buying a home. Then the dream comes crashing down with the builder delaying the delivery.

Then the problems start. Along with the rent, the home loan EMI also needs to be paid. The finances are really stretched. The landlord is breathing down the neck. He wants a new tenant.

And so the story goes. Then a small set of buyers come together and take the builder to court. The builder gives them more trouble and sends in some goons to get them to withdraw the case. The homebuyers don't budge. Finally, it ends happily, with the court coming to the rescue. A couple of love stories that brew between homebuyers can also be thrown in.

The money is repaid. Meanwhile, the real estate prices have fallen and this allows the homebuyers to buy homes which are fully ready and already available in the market. Don't we all love the underdog coming out on top?

I know the end sounds like a dream. But what is a Hindi film without a Happy Ending!

And I do hope some scriptwriter reads this.

Vivek Kaul is the Editor of the Diary and The Vivek Kaul Letter. Vivek is a writer who has worked at senior positions with the Daily News and Analysis (DNA) and The Economic Times, in the past. He is the author of the Easy Money trilogy. The latest book in the trilogy Easy Money: The Greatest Ponzi Scheme Ever and How It Is Set to Destroy the Global Financial System was published in March 2015. The books were bestsellers on Amazon. His writing has also appeared in The Times of India, The Hindu, The Hindu Business Line, Business World, Business Today, India Today, Business Standard, Forbes India, Deccan Chronicle, The Asian Age, Mutual Fund Insight, Wealth Insight, Swarajya, Bangalore Mirror among others.

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11 Responses to "It's Time for Hindi Film Industry to Make Khosla ka Ghosla 2"

arun kishor mishra

Sep 12, 2016

The industry linked with the dealing of property where all dealings are with cheque and cash. It is open truth so accounting and tax etc. are something flimy . No reality. The loose cash means A person holds is the owner of it. Broker , leader, or anybody. Even employees particularly ladies also take part in it. Many other industry floursis on this money . Car Air Hotel Gambling every thing float on this money. Inflationary trend
put life in this economy with smiling on every face. But when corruption crowl on the kees it all breaks and Crorepati parties escape from market. Many times leaves country till re cessation is there.
These parties are no body except old houses or new company former's who looted money by issuing the shares and manipulated [ managed] the things and now No company is there. See the 1995 and 2002, every thing is out and promoters are converted as developers. They manufactured boom in housing industry and now escaping from liability.
Society is having two sects. One is doing nothing living lavishly [leader,builder, co. promoters, brokers, Preachers etc] squished money from public [educated] Other is Educated persons believe in system , law, society, etc. save money put in bank, company, insurance etc.
I say it as Man and mango. Mango is made to eat and man is born to eat. nothing else . Every rule ,country have these society.

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Sarat Palat

Sep 12, 2016

This is not the first time this type of article is coming. These sort of things are happening all over India. I am a victim from a builder in Kerala. The only way a buyer could be safe is buying only completed projects. As experience is the master this is what I am suggesting to known people thinking of buying a flat/villa, even though you may need to pay a little bit more. As long as there exist a nexus between builders and politicians the situation is going to get worse.

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Kanda Bharathan

Sep 10, 2016

I read Vivek Kaul's article with great interest! Yes, there is enough scope in the "Real estate storyline" for a new Bollywood movie - Khosla ka Ghosla 2! Romance, action and some comedy can be thrown in here and there to make it a real masala movie...

Kandaswamy Bharathan

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bijoy kumar borborah

Sep 9, 2016

Most likely it will be a happy ending in reality but the privations already faced by many buyers will not get compensated. The unruly builders and goons will try hard to blackmail once more cryptically. Cracking this emerging scenario will be a novel biopic. I presume so.

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KK Verma

Sep 9, 2016

Sir. You have rightly pointed out towards a serious problem of common man.Not only in Noida,but in Kharar near Chandigarh ,many builders like SBP has cheated the people and the people are awaiting possession since 2013.Needless to point out that these developers have transfered collected money to new projects without completing earlier projects .this is because there is no regulatory to check this illegal practise.Govt.must look into this matter and should made some rules in interest of aam aadmi.thanks

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Indrakant Sulibhavi

Sep 9, 2016

It is well written.Good thing for buyers is prices of Houses will come down.What happened to money collected earlier..

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Kishore

Sep 9, 2016

But is the Court doing enough. Refund of amounts paid with 14% interest as is now being ordered hardly compensates the purchaser for the manifold increase in flat prices during the period. And this is ignoring the interest paid on the home loans. The Courts have to come out with something more stringent. As observed by Justice Kathawala of the Bombay High Court these very same builders who portray they have no money continue with their lavish styles nonetheless while the purchasers are left bleeding.

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AdvocateSarin

Sep 9, 2016

Dear Sir, You have written beautiful article, what you says SC break the neck of builders, that's true but if that happened who will be the real sufferer, not builders but the home buyers. In a recent judgement Delhi High Court has accepted the fact that if builder is forced to liquidate company, Home buyers stand at the bottom of line, before any thing reaches to them every thing will finish. The solution is not that easy as it may seems from away. The need of hour is instead of finishing or punishing the builders and killing 9% part of Indian GDP and 1 million buyers in these stranded projects,Government must come in to picture to monitor and bailout builders so they are forced to deliver. The RERA which was passed by parliament but no state is ready to take it must be implemented, the corruption in Development and regulatory authorities, local administration level must be controlled. The cartel of Builder, Banks, Development Authorities and local governments must be broken. The nexus of builders and politicians too require attention. Untill all this happens Courts won't be able to protect the buyers at all. Till than Khosla's will go on dreaming Ghosla's but will never get. Thanks.

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Philip9876.com

Sep 9, 2016

Brilliant as always Vivek. Its high time the SC stepped in and rectified the rut in the real estate sector. The politicians are equally responsible for the mess cos its their own money that the builders are fronting. So, expecting them to clean up the mess is futile.

Hopefully some scriptwriter will take up the story and we will have a KKG-2 soon.

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Yeggi

Sep 9, 2016

A good one. I am one of the victim of the 3C builder in Noida. It is more than 6 years. I hope this filmy story comes to reality.

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