The Promoters and Builders Association of Poona was set up on 6th May 1982, under the Chairmanship of Mr. Ramkumar Rathi. In the day of the Real Estate boom. a few Developers, including Om Prakash Arora, Shantilal Mutha, PA. Inamdar and others, felt the need for Real State Developers to form a cohesive body that would provide the hitherto loosely organised group of Pune Real Estate Developer, a forum and direction. This association was formed to promote quality consciousness amongst its member and to create an awareness of Government Legislations.The PBAP believes that professionalism holds the key to the developer and upliftment of the Real Estate Industry. To achieve this objective , the association there for has a stringent procedure of accepting members. only those who have a proven track record are allowed to be member criterion precludes those to be member of the Association. This Membership criterion precludes those individuals who construct single building and whose objective are purely to maximize the returns on a single project often at a cost of not delivering what is promised to the customer.In addition to talking on professional Real Estate Developers, the PBAP has a Code of Conduct, which is mandatory on its member to follow. The Code of Conduct is wide ranging and covers almost all areas of the Real Estate business, it aims to establish fair dealings with the customer, maintain the honor and dignity of its members, and secure a sprite of friendly cooperation between members.It establishes a code beginning with the title of the property under development and has wide ranging guidelines that deal with construction quality, labor welfare, amenities, refund of money, defect liability and so on. The PBAP takes its Code of Conduct seriously and the action take against defaulting members can amount to even discontinuation of membership. The PBAP today has come to be know to represent a dependable body of Builders and Promoters. The PBAP has divided the stakeholders into 3 groups. These three groups are the Customers, The City , and the PBAP Member. in the 20 plus years of its existence the PBAP has already undertaken numerous initiative with each of the stakeholder groups.
PBAP ties up with ICICI:
To offer home loans at 10 per cent. In a bid to attract flat buyers during the heavy home-loan interest rate regime, real estate developers in Pune have decided to bear certain burden of the interest rate for first 24 months. The Promoters and Builders Association of Pune (PBAP) has tied up with ICICI Bank to offer home loans at 10 per cent rate of interest, which will be applicable for 24 months after booking.
As per this agreement, the ICICI will charge 12.5 per cent rate of interest on home loans, out of which, the flat buyer will pay for 10 per cent of interest rate while the remaining would be taken care by the respective real estate developer.
PBAP realty fund to help small builders, elevate industry standards:
The Promoters and Builders Association of Pune (PBAP) announced the launch of the first-of-its-kind Realty Fund. Created by investments from its members, the PBAP Realty Fund, it is for the first time in the country that an association has created a realty Fund. The fund is also set to enable smaller developers to access equity funds that were hitherto unavailable to them. The fund has been established with an aim to elevate the standards of the industry with the provision of equity participation to developers of small projects, who often get overlooked by other equity funds on account of scale and other eligibility criteria. The first series of the PBAP Realty Fund has a total corpus of Rs 25 crores and has been fully subscribed by around 50 of the PBAP members. The investments made by the fund will first give priority to the contributors to the fund, followed by other members of the PBAP and lastly to projects of non-PBAP members. The PBAP has also created a separate screening committee comprising professional chartered accountants, lawyers and architects who will look at the viability of the projects. The investment committee of the fund, which comprises industry stalwarts, will assess the financial feasibility of projects under consideration. The association feels that the fund will help expose smaller developers to the global reporting norms, help uplift the industry, enable greater transparency and raise the standards all round. Speaking at a press conference.
PBAP Mega Property Exhibition 3rd to 5th October '08:
From 3rd to 5th October 2008, The Promoters and Builders Association of Pune (PBAP) is organizing its annual real estate exhibition at SSPMS Ground, near Le Meriden, in Pune.The main attraction of this exhibition is the "special offer offer from ICICI Bank." According to the news PBAB, ICICI tie up to offer cheaper home loans: PBAP has tied up with ICICI Bank to offer home loans at 10 per cent rate of interest to buyers, which will be applicable for 24 months after booking.As per this agreement, the ICICI will charge 12.5 per cent rate of interest on home loans, out of which, the flat buyer will pay for 10 per cent of interest rate while the remaining would be taken care by the respective real estate developer.
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