is DHA a Ponzi Scheme ?,

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Today most people know about madeoff in USA. It was the biggest ponzi scheme in usa history of a fraud of around 50 billion dollars.
I wonder if some of the big real estate companies are playing the same game. And eventually this will also collapse.

Here is the theory of the game play with a supposed company lets say PakHA.
Start a scheme/project and sell plots to people on installments.
Collect installments, wipe/eat most of these funds and spend a little bit on development and give few plots to few people, so that more people keep coming.

When out of money, start another scheme and sell more plots.
Collect installments, wipe/eat most of these funds and spend a little bit on development and give few plots to few people again to keep more people coming.

keep on repeating this. What is happening; that new buyers are paying for old buyers. And in the middle PakHA is making tons of money.

Eventually this scheme will bust. Eventually there will be so many projects/schemes under development or not delivered and people will completely loose faith in PakHA and no one would want to buy any more of this. And thats when it will bust. How long it will take to bust it depends on how strong PHA is? It may keep on going for over 50-60 years or even more who knows.
After all madeoff scheme worked for over 30 years.

Here is the basis of this theory.
Good companies and honest businesses don't work like this. Don't keep on starting new projects without delivering previous ones. They know these are liabilities and with the passage of time everything is getting expensive. If they won't deliver on time it will cost them more money and business will loose money.

But not for PakHA. They have started so many projects/phases after phases after phases. Without delivering the previous ones. Because they know they don't have any liabilities. They can ask for extra charges if materials get expensive. And eventually they can and will throw towels and run away.
Interesting thing is that PakHA will never offer a project with a strict dead line and written guarantee that if project does not complete on time they will pay penalty to the buyers.
Buyers have to pay penalties if they are late on their payments. But PakHA don't have to deliver on time. No clause like that. No penalties for them. Rather buyers have to pay more money under different clauses because now materials have become expensive because of PakHA's laziness.

Some may not agree with this theory but at least now we know what a ponzi scheme is and how that works?

To me any of these big real estate companies are ponzi schemes if they don't deliver on time and on budget and keep starting new projects.