As Internet Protocol Television (IPTV) is becoming popular as a medium of seamless infotainment, service providers are being attracted in IPTV as they can aggregate different application services on top of it and users are interested in interactive services using video on demand (VoD), trick mode functionalities on live TV etc. Service delivery latency is an important issue in providing interactive live TV broadcasting. In this paper, we aim to reduce channel zapping time and channel play back period using benefits of Peer to peer (P2P) and proxy server. For this, we propose a new P2P proxy based IPTV service delivery architecture which provides TV channel and VoD service with minimum delay. P2P enabled proxy server reduces signaling overhead and provides quick service delivery. We perform delay comparison of our proposed solution with currently available system in order to show considerable delay gain of our architecture