HDFC, a leading Indian housing finance company, recently inaugurated its HT Parekh Legacy Centre, commemorating the contribution of its founder to the Indian financial sector and the emergence of a housing finance market. The centre, located at the company’s headquarters, offers a digital and photographic timeline of Hasmukh Thakordas Parekh’s work and achievements. It showcases his journey to create the housing finance market and how he founded HDFC in 1978 with limited funds.
The opening of the centre comes shortly before HDFC’s reverse merger with its banking subsidiary. The company is celebrating Parekh’s legacy and paying tribute to his visionary approach to the establishment of India’s housing finance market. HDFC aims to educate and inspire visitors to the centre to continue to innovate and make a lasting impact on the financial industry.
Hasmukh Thakordas Parekh was 67 years old when he founded HDFC in 1978. He had previously worked for ICICI, where he retired as chairman in 1972. At the outset of HDFC, Parekh contributed just Rs 10,000 from his personal savings and borrowed Rs 10 crore to establish the business, which has since become one of India’s most prominent and successful housing finance companies.
The HT Parekh Legacy Centre will offer visitors an insight into Parekh’s dedication to establishing the Indian housing finance market, which now caters to millions of citizens. The centre will use digital and photographic technology to showcase Parekh’s adventurous mindset and his ability to take risks for his vision.
HDFC’s reverse merger with its banking subsidiary has been a subject of much debate in the financial sector and among investors. However, the firm remains optimistic about its future prospects and believes that the merger will strengthen HDFC’s position as a leader in the Indian financial market. Through the establishment of the HT Parekh Legacy Centre, the company hopes to emphasize its commitment to innovation, risk-taking, and forward-thinking within the industry.
The HT Parekh Legacy Centre is a tribute to one of the most visionary leaders in Indian finance, a man who dedicated his life to creating a robust and accessible housing finance market for all citizens. The Centre serves as an inspiration to current and future generations to continue to create and innovate in the financial sector, and to pay tribute to the nation’s leaders who have paved the way for a brighter financial future.
