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May 11, 2024

Prestige Estates’ CEO Venkata Narayana K Steps Down, Unveils New Leadership and Expansion Plans

Prestige Estates Projects’ Chief Executive Officer (CEO) Venkata Narayana K has tendered his resignation, effective May 10, marking the end of his tenure at the real estate giant. However, Narayana K will continue to serve as non-key managerial personnel (KMP) until August 10 to ensure a seamless transition. The announcement precedes the company’s scheduled Q4 earnings release later this month.

Narayana K assumed the role of CEO in August 2017, following his stint as the company’s chief financial officer and company secretary. The firm has not yet disclosed details regarding his successor.

In his resignation letter, Narayana K stated, “After thoughtful consideration, I have decided to pursue other interests, including establishing a real estate fund.”

Meanwhile, Prestige Estates has revealed its strategic roadmap by appointing key individuals to various business verticals and geographic segments.

Amit Mor has been appointed as the company’s Chief Financial Officer (CFO), while Swaroop Anish will serve as the Executive Director and CEO of the residential segment and business development. Juggy Marwaha takes the helm as CEO of the office segment, with Muhammed Ali assuming the role of CEO of the retail segment. Suresh Singaravelu has been appointed as Executive Director and CEO of the hospitality segment.

In addition to these appointments, the company has entrusted pivotal roles to the next generation of the promoter’s family to shape its trajectory. Faiz Rezwan will lead project construction and execution as Executive Director, while Zayd Noaman will spearhead business development and corporate finance.

Executive Directors Zaid Sadiq and Omer Bin Jung will oversee and mentor the hospitality team, while Uzma Irfan, director of the company, will be responsible for corporate communications, marketing, and branding strategies. Executive Director Sana Rezwan will focus on charting the growth trajectory for North India, particularly the NCR region.

In a recent interview with Business Standard, Venkata projected an ambitious growth strategy, aiming to double the market share from 4 to 10 per cent. He emphasized ample opportunities for expansion within both current and emerging markets, citing the ongoing consolidation of supply as indicative of significant potential in the residential sector.

Prestige Group has reported its highest-ever annual sales at Rs 21,040 crore for FY24, marking a remarkable growth of 63 per cent year-on-year (YOY) in its operational results for the fourth quarter of FY24. Sales for the March quarter reached Rs 4,707 crore, up by 21 per cent YOY. Additionally, the firm achieved record sales numbers, totaling 10,068 units in FY24.

The transition in leadership at Prestige Estates Projects marks a new chapter for the company as it continues its trajectory of growth and expansion in the real estate market. With a fresh leadership team and ambitious growth plans, the company is poised for further success in the coming years.

Jhumpa Lahiri

Jhumpa Lahiri

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