Karvy Realty's CEO Aanandjit Sunderaj resigns

MUMBAI: Karvy Group realty arm Karvy Realty's Chief Executive Officer Aanandjit Sunderaj has resigned from the company, said people familiar with the development.

Late last year, Karvy Realty was planning to raise its maiden realty fund worth Rs 300 crore from domestic market. However, the plan has so far remained a non-starter in the backdrop of current weak realty market and tight liquidity scenario.

Sunderaj had joined Karvy Realty more than a year ago to spearhead mainly the fund raising, investments and acquisitions of this venture.

Prior to joining Karvy Realty, Sunderaj was senior director - real estate investments at private equity firm ICICI Venture. Aanandjit also had a stint with TCG - Vornado Realty Trust - India Property Fund, where he served as chief investment officer (CIO).

The group is also planning to start a non-banking financial services company with realty developers as target customers and focus on loan against property.

Sunderaj declined to comment for the story.

Hrishikesh Parandekar, CEO and Group Head - Broking, Wealth Management and Asset Management of Karvy Group confirmed that Sunderaj "will eventually transition out." However, he quashed talks that Karvy may merge its realty business with another division.

"Karvy Realty will continue to function as a separate entity," he said. Currently, Karvy Realty engages in transaction services, investment advisory services and realty portfolio management business.