Need to cut approvals: Parekh

HDFC Chairman Deepak Parekh has said the major hurdle to ‘Housing for All by 2022’ is long approval timelines that extend up to two years. At least 50 approvals are required now, he said in the firm’s report.

‘Fewer approvals will cut costs’

HDFC Chairman Deepak Parekh has said that if there was consensus that fewer approvals and interventions would reduce overall costs and compress timelines, ultimately the home buyer would benefit.

In the company’s annual report, Mr. Parekh also highlighted the fact that projects often got delayed as certain developers flouted rules by paying money. Such malpractices were hazardous for all. A regime that shuns “speed money” and focuses only on “speed” will help realise the goal of affordable housing.