PM ready to remove bottlenecks, but builders need to speak up: Deepak Parekh, HDFC Group
In a blunt message to realty developers complaining about approval delays, industry leader Deepak Parekh has said most of them are reluctant to share information about the affected projects for fear of backlash by local authorities even when the Prime Minister’s Office has sought details to remove the bottlenecks.
Recalling a recent meeting he and other business leaders had with Prime Minister Narendra Modi, the eminent banker said, “He (Modi) met with various business heads and asked how things could be improved and as predictable as I am, I mentioned the need for faster building approvals”.
“His office (PMO) followed up after the meeting and requested me to collate a list of specific projects where building approvals were being delayed.
“When I reached out to developers to get these details, I was taken aback that most were reluctant to share this information for fear of a backlash by the local authorities,” said Parekh, who heads the country’s biggest financial conglomerate HDFC Group.