Who would have thought the solution to U.S. real estate crisis (which btw spiraled into a global economic meltdown) would lie in an age-old marketing technique used by retailers of all shapes and size. Yes, the oh-so popular
‘Buy 1, Get 1 Free’
Ok, I digress. But I am not far from the truth…
Two US senators are proposing a bill which is essentially a spin on the Buy 1 ,Get 1 deal mechanics. Here is the fine print of the proposal,
A bipartisan bill that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S. The provision would create visas that are separate from current programs so as to not displace anyone waiting for other visas. There would be no cap on the home-buyer visa program.
Holy Cow! U.S. Visa to buy a house there and no, U.S. Visa is not the name of a welcome drink that the realtor promises to serve, it is indeed the U.S. residence Visa – the thing that allows you to stay in the US and go about your business.
The objective behind the bill seems rather nice. The U.S. real estate market is still in shambles and there is no demand but a huge supply. So, the senators are proposing that any foreigner willing to shell out $500,00 (or $250,000 in a house and the rest in decorations etc.) gets rewarded with a U.S. Visa. Yes, you can buy the American Dream for 2.5 crore rupees…you don’t need to have anything else!
Well, the senators sure seem to be cognizant of the idea that no one has the money in the US so might as well make the deal sweeter for foreigners who might have spare $500,000 (About 2.5 crore rupees) lying around.
This plan also highlights the growing importance of foreigners in the US. Chinese and Canadians are already buying in the US real estate market taking advantage of the low prices and minuscule competition.
I am wondering if there were any Marwaris or Gujjus (no offence meant, I am one myself) involved in the drafting of this bill. Even if they weren’t, I am sure they will be front runners to buy real estate in the US should the bill get passed.
I also wonder if some another senator will may be want to give Groupon a call and launch a daily deal for a house.
What are your thoughts on the seemingly crazy idea of receiving a US visa on buying a house? However, $500,000 does sound like a sweet deal given that one might find it difficult to buy a house in Mumbai itself in the same price!