This comes at a time when it is expanding its Realty business by launching residential projects
MUMBAI: The construction giant, Shapoorji Pallonji, has elevated Venkatesh Gopalkrishnan as chief executive officer of Shapoorji Pallonji (SP) Real Estate. Gopalkrishnan, who was president and chief investment officer of SP Real Estate, will take charge from April 1. The current incumbent Kekoo Colah will move to the group centre.
Shapoorji has also promoted Cyrus Engineer, chief sales & marketing officer of its real estate arm, managing director of SP International Property Development. Engineer was head of sales and marketing at Tata Realty earlier.
The promotions come at a time when the group is aggressively expanding its realty business where it is looking to launch a dozen residential projects with an area of 13 million sq ft across mid-income and high-end properties in the country.
It has three property ventures — Shapoorji Pallonji Real Estate, Joyville by Shapoorji Pallonji and SD Corp, a redevelopment joint venture. The three entities are developing about 30 million sq ft.
“The elevation is a part of the planned succession in our real estate development business. Kekoo Colah who has, in the past seven-eight years, successfully grown our real estate franchise will continue to play a strategic role in various group initiatives and corporate social responsibility. Both Venkat and Cyrus come with a successful track record in their current roles and are ready for greater responsibilities,” said Jai Mavani, executive director at the group.
“Historically, the Shapoorji group has always encouraged young talent and we are confident that they will continue to consolidate and grow the business,” he said.
The group has a high-end residential development in progress in downtown Dubai, close to Burj Khalifa. Mavani added there would be another project in the mid to high segment in Dubai Healthcare City