'Reclaim land from sea to get cheaper houses'

HDFC chief speaks to Abhijit Majumder on Mumbai and the road ahead

HDFC Chairman and CEO Deepak Parekh calls a spade a spade, especially when it recklessly digs up Mumbai's roads and vanishes leaving a scar and huge traffic jams behind. He spoke to Sunday MiD DAY at length last week about roads, traffic and other aspects of the subject of his passion, Mumbai.

From January 1, Parekh will step down from his executive role and vice chairman and managing director Keki Mistry will take over as vice chairman and CEO. Parekh will, however, continue as non-executive chairman, and a dreamer, doer.

What are you looking forward to after January 1, when you take up a non-executive role?
With board meetings, group meetings, a busy quarter, four or five investors' conferences, January looks pretty full.

Let's put it this way: I don't have to come to office very early and leave very late. I don't have to come at 9.30 am, I can reach at 11. I'll be able to read MiD DAY better (laughs). Today, I just get to look at the cartoons and the bridge, then I'd be able to read more of the news.

You've been outspoken about society cause, development. Will you be more involved in that
space now?
I have not accepted anything till now. No new boards, advisory boards, committees. Let January, February come, I'll decide.

I want to do something, maybe in education. I am involved with a number of NGOs and charitable institutions. I will take more interest in the ones closer to my heart, in something I'm passionate about.

What are your main concerns about Mumbai?
The city urgently needs urban transport, slum upgrade, housing and new avenues for water. We are way, way behind. We need more municipalities. You can't have one municipality for a city like Mumbai.

I have not heard of any initiative, for instance, about police housing. People who protect the city shouldn't live in a shoddy environment.

From where will the space for housing come?
There are strong views against reclamation of land. But how was Nariman Point or Colaba built and developed? It was all reclaimed land. Why didn't anybody protest then?

Provided the environment is protected, provided there is adequate infrastructure, there should be no problem. Singapore is built on reclaimed land. Hong Kong is growing on reclaimed land.

You reclaim land in the trans-Harbour stretch or a patch in south Mumbai near Trident, you'll see how the rates fall.

Do you propose scrapping the Coastal Regulatory Zone (CRZ)?
CRZ is on paper. Those who want permission are getting it.

Traffic congestion, slums and housing are linked, aren't they?
Yes, we have to get more housing, build more roads. All over Japan, there are roads-above-roads, flyovers. Why can't Mumbai get a ring road? We've done one part (sealink) which took so many years, by which time we should have had a ring road all around theu00a0 city.

Also, we need to develop the port area. All over the world, ports have gone out of cities and parks, museums, building have been developed in those areas. Here you drive past old warehouses. One can pay the Port Trust market rates and buy the land and develop light industries, call centres, light engineering companies. You can have another big Marine Drive there.

There are a number of things you can do with this city. But there's no planning.

Traffic needs to be eased...
We have to build arterial roads. They have dug up half of the Mahalaxhmi Road, which is the main traffic road.

Please believe me, there is not a soul doing any work there at any time of the day. I have gone there 20-30 times. They dig it up and go somewhere. Where is the accountability of the state? Where's the transparency? Who is the contractor? Raise user charges, but give people better amenities.

Time for citizens to step in?
They don't even step out to vote. We deserve our governments.

Are you willing to take up Mumbai's cause more intensively?
Mumbai is very close to my heart. One good thing is that the chief minister and I are from the same school, St Xaviers' High School in Dhobi Talao. I look forward to having a chat with him about the city.

From January, you want to spend more time with your sons?
They may not want to spend more time with me. They are too busy. I look forward to reading more, playing and learning a little more of golf, playing bridge more regularly. Maybe go and watch more sports, more matches.

Then you should go for World Cup football next year in South Africa...
That'd be great. But I am yet to get an invitation (laughs). It is very difficult to get tickets.

Deepak Parekh joinedu00a0HDFC in 1978
He was formerly an employee at a multinational company and had travelled to Hong Kong, theu00a0US and the Middle East, when his uncle, H T Parekh, who had foundedu00a0HDFC in 1977, suggested that he come on board