Godrej Properties elevates Pirojsha Godrej as Chairman, Adi Godrej to be Chairman Emeritus

Kailash Babar, The Economic Times, 02 February 2017

Godrej Properties, the real estate development arm of Godrej Group, has made changes to its leadership team with Chairman Adi Godrej assuming the Chairman Emeritus position.

Pirojsha Godrej, who is currently the Managing Director and CEO of the company, will be the Executive Chairman.

Mohit Malhotra, currently an Executive Director at Godrej Properties, will be the new Managing Director and CEO, the company said in a statement. All the aforementioned changes will be effective from April 1st, 2017.

Pirojsha Godrej, who joined Godrej Properties in 2004, has been the Managing Director and CEO of the realty developer since 2012.

"Pirojsha, Mohit, and the Godrej Properties team have delivered tremendous results in a difficult market environment and I'm sure will lead the company to new heights. There will be many exciting opportunities in the Indian real estate space in the coming decades and the leadership team at Godrej Properties is well placed to capture these opportunities and successfully build an outstanding company," Adi Godrej, Chairman, Godrej Group.

In the years that he has led the company, Godrej Properties has been one of the fastest growing real estate developers in India and for the first time in fiscal year 2016, emerged as India's largest publicly listed real estate developer by sales, the release added.

"I am honored and excited to take on this new role and I thank the Board for their continued support and confidence. I'd also like to thank my father for his foresight in establishing Godrej Properties and for his inspirational leadership that has helped the company grow to this stage. I look forward to his continued guidance," said Pirojsha Godrej, Managing Director & CEO, Godrej Properties.

Pirojsha holds a Bachelor's degree in Economics from the Wharton Business School at the University of Pennsylvania, a Master's degree in International Affairs from the School of International and Public Affairs (SIPA) at Columbia University, and an MBA from Columbia Business School.

Mohit Malhotra joined Godrej Properties in 2010 and has been instrumental in the company's growth since then. He first headed business development for the company and has since taken on larger leadership responsibilities that currently include heading GPL's pan-India operations.

"I'd like to thank the Board of Directors for entrusting me with this important responsibility and I look forward to giving my very best in this new role. It has been a pleasure working closely with Pirojsha to build Godrej Properties to its current position of strength. I greatly look forward to working with the excellent team at Godrej Properties to script the next chapter of the company's growth," Mohit Malhotra, Executive Director, Godrej Properties.

Malhotra was appointed to GPL's Board of Directors as an Executive Director in 2015. Prior to joining Godrej, Mohit has worked in several leading companies in the FMCG, private equity, and real estate development space.

Karan Bolaria, who currently heads Godrej Fund Management, a subsidiary of Godrej Properties, will be appointed as its CEO. Karan has worked with Godrej Properties since 2008 in various leadership roles and was responsible for setting up the company's investment platforms with leading global institutional investors. In his new role, Bolaria will drive Godrej Fund Management's growth efforts and will continue to report to Pirojsha.