A flying car will no more be a dream as Terrafugia Inc., Massachusetts Company has revealed that it hopes to launch its flying cars to customers by late 2011.

The Company that was founded five years ago by the graduates of MIT, received a green signal by Federal Aviation Administration last month. Terrafugia was granted weight limit exemption for the flying car, which is also called "roadable aircraft" or “Transition”.

FAA approval cleared the way for the Company which is now claiming that its process is on-going and first Transitions will be offered to the customers by the end of next year.

The car has foldable wings and it was effectively tested for flight on March 5, 2009. This flying testing was done after its six months of on road trail.

Richard Gersh, Vice President at Terrafugia earlier, said that seeing the car flying was no less than a “dream come true”.

This car will be a two-seater and it comes under the class of light sport aircraft. Definite price of the car has not yet been disclosed, but it is expected that it will be priced at $148,000.

For driving the Transition, one will require a sport pilot certificate. It is noticeable that the vehicle will fly with landing option at small airports and it can also run on any type of roads.