Contribution to BPP Corpus

When I entered the BPP, its capital was a mere Rs. 16 crores. The Trust properties were in dire need of repairs and maintenance. The first priority I set myself was to ensure that the BPP did not go bankrupt. As property was our only asset, I conceived the Scheme of Donors Right, and Refundable Security Deposit Scheme. The BPP was able to settle disputed flats, and allow tenants to vacate their flats legally. Not only did the corpus increase, the BPP also saved huge legal costs and realised rents otherwise frozen. The scheme was unanimously approved by all the then Trustees and has resulted in the BPP corpus increasing from Rs. 16 crores in 1994 to over Rs. 120 crores in 2008. Every donation or deposit received has gone to the coffers of the BPP and NOT A SINGLE TRUSTEE HAS BENEFITED, DIRECTLY OR INDIRECTLY, from any such donation or allotment of flats. The scheme has also provided the BPP enough capital to initiate new projects and assist the community at large.

With the increase in its corpus, the BPP simultaneously developed housing for the community to be given on merit.

• Developed more than 100 flats in the Nirlon property, which the Trustees were, at one time, contemplating selling. I objected to the sale and persuaded them to construct flats for Parsis. Another 100 flats are proposed to be constructed by Mr. Nusli Wadia and the Wadia Committee of Management, and it is proposed that the colony be named Neville Baug.

• Purchased the Jal Hotel Plot, situated in the centre of Panthaky Baug, Andheri, to prevent it from being redeveloped by the owners for non-Parsis. Purchased by the Trustees for Rs. 3 crores, the plot is now worth at least Rs. 8 crores and will, I hope, be developed to house more Parsis.

• Constructed two ownership buildings at Panthaky Baug, which will house more than 100 families.

• Apart from housing, the BPP has increased outflow on its welfare activities to the poor and needy from approximately Rs. 1 lakh per month in the 1980s to Rs. 55 lakhs per month at present.

• Increased grants and interest-free loans to students aspiring to pursue higher education from Rs. 20,000 earlier to over Rs. 1 lakh at present.

• To fuel the spirit of entrepreneurship, a Venture Capital Fund for Parsis has been formed. The BPP has made an initial contribution of Rs. 30 lakhs with a commitment to contribute Rs. 3 crores.