A Heritage in Philanthropy

Modest. Compassionate. Ethical. Altruistic. Charismatic. Complex. These are just some of the words used to describe the late Shri H. T. Parekh, Founder Chairman HDFC Limited.

He was a simple man known to avoid the limelight, lived modestly and was driven by his pursuit to contribute meaningfully towards societal development. His vision to empower the common man to be a home owner early on in life drove him to establish HDFC, India’s first retail housing finance company after he retired as Chairman of ICICI at the age of 66 years. He firmly believed that home ownership was an essential step towards wealth creation and would have far reaching positive social impact on the entire country.

Often described as the “Man who saw tomorrow” Shri H.T. Parekh was a visionary who started organizations associated with social welfare. Amongst them, founding the Centre for Advancement of Philanthropy in 1986 – to address the statutory and legal requirements for not-for-profits, GRUH Finance Limited to provide rural housing finance across villages and small towns, and establishing the Bombay Community Public Trust, India’s first community foundation.

I am never tired of dreaming about growth and progress, and about the betterment of living, about human welfare

Laying the Foundation

How HT Parekh applied his business instincts for a societal need.

At a time when housing was viewed primarily as the government’s responsibility, H T Parekh believed that the private sector should contribute to the vast housing needs of the country. At 66 when most people contemplate retirement, H T Parekh started work on his dream and passion project – “A home for everyone” to enable anyone to own a home at the beginning of their career rather than at its end.  In October 1977, Housing Development Finance Corporation Limited (HDFC) was born to meet a social need while making it sustainable  – proving that the two need not be mutually exclusive.

H T Parekh’s choices of what to support were deeply personal and driven by where he saw the greatest opportunity.

A Philanthropic Role Model

“Service without publicity, without a thought of personal gain, has been my watch word”

H T Parekh believed that while cash and kind played a role toward social betterment, a lot more needed to be done. A visionary par excellence, he was instrumental in the formation of key social organisations, such as The Centre for Advancement of Philanthropy (CAP) and , The Bombay Community Public Trust (BCPT). H T Parekh has also served as the President of the Social Service League and was a trustee of several welfare organisations such as Sameeksha Trust, Saurashtra Trust, Kasturba Gandhi National Memorial Trust, The India Foundation, The lndia Heritage Trust and The Chakallas Puraskar Trust.

He was elected Honorary Fellow of the London School of Economics in 1984 and was conferred the third highest civilian honour in India, the Padma Bhushan in 1992.

A visionary, a prolific writer, a widely respected business leader, a pioneer, a beloved human being and above all, a man who left behind a legacy which continues to make a difference to this day.

A visionary, a prolific writer, a widely respected business leader, a pioneer, a beloved human being and above all, a man who left behind a legacy which continues to make a difference to this day.