Baug flats won’t be a burden on Parsis

The Bombay Parsi Punchayet (BPP) and the Alert Zoroastrian Association (AZA) on Friday resolved the flat allotment issue for poor Parsis at Panthaky Baug, Andheri (East). The AZA had challenged the BPP notification, demanding Rs5 lakh as deposit money before allotting flats in Baug on sale.

The applicants, members of the Parsi community, informed the Bombay high court about resolving the dispute out of court.

BPP chairperson Dinshaw Mehta said: “As per the new agreement, the Punchayet will raise Rs5 lakh for each flat, of which 80% (Rs4 lakh) will be given by the Zoroastrian Bank at 8% interest, whereas applicants will have to pay Rs1 lakh. This money (Rs5 lakh) will be deposited as fixed deposit with a nationalised bank at 4% interest.”

The interest from the total amount will be given to the applicant who will pay the remaining bank interest.

AZA member Zarir Jehangirji said the step was taken to ensure the poor Parsis do not lose out on the interest on the deposited amount in case the flat is not allotted to them.
Punchayet has now set the new dates for the sale of application form as December 31 and submission date as January 15.

Panthaky Baug has two buildings with 108 flats, of which 60 flats are to be sold.
The Punchayet is selling these flats to cross-subsidise the construction cost of more flats for poor Parsis.

The selling of the flats was stopped in November 2008 by the joint charity commissioner after AZA complaints stating that the BPP concealed facts. A section of community said the flats were being sold to rich Parsis at a discounted rate, which should have been given to needy Parsis first.

When BPP challenged this order in the high court, it set aside the charity commissioner’s order but allowed the sale of flats on the condition that the Punchayet would construct 300 flats in the next two years from the proceeds.

Original article here.

  • sarosh

    Its a win for Bpp…

  • keki unwalla

    Humbug.

    The applicants stand to loose, either way.

    The poor applicants stand to loose at least Rs.8000/=, considering the whole process is completed in 6 months & not considering the tax implications on the interest income & the application money itself.

    Mr. Zarir Jehangirji, AZA is loosing it’s bite, please do not claim this as a victory. Reducing the EMD to Rs. 50000/= or Rs. 100000/=, would have made sense & asking for 25% as EMD is vulgar.

    Let’s see how many of the poor applicants buy in to this con.

  • Arnoz

    BPP is just fooling all the Parsis, as this all flat i dont think its for the POOR,, as if we say the flat of 25 lacs, EMI will touch to 25,000/- per month, so a person paying 25K per month is sure not a POOR PARSI,,, hahaaaahaa,, Plus dont forget the maintaince charge of 5,000/- per month,, so Total to 30,000/- ,, Really its not for the POOR PASRI

    There is no place for the POOR Parsi to Dream of a Flat in Mumbai,,,,,,

  • Yes,
    I fully agree that BPP is just trying to fool the poor,i do not understand the logic behind the loan being issued by the Bank, but what about the EMI of More than 12%, is the poor going to afford it, as i think that all the Rich Parsees would be the first to buy it out, even though they must be having more than 3 flats in one baug each.
    Whom is the BPP fooling? I would suggest that the high Court appoint a Retired Judge to oversee the Proceeding of the sale of the falts,

  • Aban Jussawalla

    Hope as promised, the 300 flats for the POOR are really built in two years.

  • Indian

    BPP is just tring to fool all the parsis …..

    it has become all money minded and currupt

    i hope to become a trustee one day and improve the stituation on BPP and remove all the corruption and problems in there…..

    KHSHNAOTHRE AHURAHE MAZDAO