Pune real estate sector enters a new era

The brunt of the existing downturn has failed to ravage the Indian real estate sector like its western counterparts and this has bolstered the spirit of the Indian market along with the real estate agents to a great extent. The most important specimen of this can be the latest initiative of Promoters and Builders Association (PBAP) of Pune. It has been renamed the Pune wing of CREDAI-the Confederation of Real Estate Developers Associations of India. However the same structure persists.

The Promoters and Builders Association of Pune was set up on 6th May 1982 and from that time has been performing with excellence. The association was built since its founding fathers felt the need for real state developers to form a cohesive body that would provide the hitherto loosely organized group of Pune Real Estate Developer, a forum and direction. What’s more, PBAP has the firm conviction that professionalism holds the key to the developer and up lift of the real estate industry. As per critics, the association has been adhering to these principles wholeheartedly.

What made the association change its name? This was explained by Satish Magar, President PBAP (now CREDAI, Pune) through a press release. The press release stated, “We felt that our interests would be better served as part of the national body. When PBAP was formed, there was no national body that represented the interests of our industry. However, over time, members of PBAP took the initiative and participated in the creation of CREDAI. Now it makes sense to have the same name, as PBAP is part of CREDAI.”

“The industry has issues that require representation and action on a national, state and local level. CREDAI, at the all-India level, caters to the national-level issues faced by the industry. CREDAI Maharashtra (the state-level association) takes care of state-level issues while CREDAI Pune will deal with the local level aspects. This structure replicates the way the issues faced by the industry are managed,” Satish Magar added.

He also said, “Pune is seeing a resurgence in demand in the real estate sector as interest rates have rationalised, giving greater impetus to the latent demand by real home buyers.”