Mumbai: on Tuesday, Housing Development Finance Corporation Limited (HDFC Ltd) and H. T. Parekh Foundation today announced the opening of the H. T. Parekh Legacy Centre, located on the 4th floor of HDFC’s corporate headquarters at Ramon House, Churchgate, Mumbai. The Legacy Centre was inaugurated by Jamshyd N. Godrej, Chairman and Managing Director of Godrej & Boyce Mfg. Ltd. Co. inaugurated it. Ltd.
Hasmukhlal Thakordas Parekh at the age of 65, after relinquishing his role as Chairman of ICICI Limited, decided to turn to his dream project of bringing housing finance to India and founded HDFC.
He is widely regarded as a pioneer of the housing finance industry in India. An institution builder, he is also credited with building several other organisations including ICICI Limited, GRUH Finance, Hindustan Oil Exploration Corporation Limited and many non-profit organisations.
H.T. Parekh will be remembered as a remarkable institution builder who prioritised development and nation building over business profits. He was a simple man with a strong sense of public purpose and a high degree of integrity.
In 1992, he was awarded the Padma Bhushan by the Government of India.
The H. T. Parekh Legacy Centre is a humble attempt to tell his story, encompassing his early life, years as a stockbroker, the establishment of ICICI as a development bank, and finally HDFC in 1977, which was the culmination of his life's dream.
In his address, Jamshyd N. Godrej said, “H. T. Parekh had a strong impact on the corporate landscape before he founded HDFC Ltd. I think we know today that the need for housing in our country is immense. The key is affordable housing. That was a dream of my father (Naval Godrej) and H. T. Parekh.”
“This Legacy Centre is an ode to H.T. Parekh (or H.T.P. as we called him). His story needs to be recorded in the history books of Indian business as it offers numerous lessons in entrepreneurship, management, relationship building and philanthropy. For all of us who were fortunate enough to work with him, it is a daily reminder that if you create something with hard work and dedication, you will be rewarded with years of love. HTP’s story is a testament to the fact that strong organisations are built on values and principles that create a solid foundation for everyone to thrive," said Deepak S. Parekh, Chairman, HDFC Limited.
The Legacy Centre was conceived as a space that reflects simplicity and warmth - the key principles that distinguished Mr. H.T. Parekh. The exhibition design was conceived and executed by Abhishek Ray of Matrika Design Collaborative, who shaped the space by introducing ubiquitous arches reminiscent of pre-Independence British architecture.
The resulting niches provide a spatial break as visitors move from one area to another. The centre ends with the "historic space" - the original hut of Mr. H. T. Parekh, which has been preserved for 46 years and is symbolic of the roots of the HDFC.
The Legacy Centre project was initiated a year ago by the H. T. Parekh Foundation, the philanthropic arm of the HDFC. It conceived and managed the project and also curates the centre's content.
“It was our sincere desire to make the Legacy Centre an interesting and engaging experience for audiences beyond HDFC staff. For all of us at HDFC, it is important to tell the story of a visionary builder of institutions for whom service to society and nation building were always paramount,” said Deepak S. Parekh.
The H T Parekh Legacy Centre will be open to the public.