Slowing realty industry sees top-level exits

BANGALORE: Indian real estate sector is seeing top-level exit even as industry grapples with slow sales. In a recent exit, Juggy Marwaha has quit Mantri Developers to join property consultancy firm Jones Lang LaSalle (JLL) India as managing director, south India operations.

Marwaha worked with Mantri for 15 months as president leasing and was responsible for management of an office development portfolio of over 10 million sqft.

In a statement JLL said, Marwaha will be responsible for strengthen the international property for growing its business footprint in south India starting September 2, 2013.

Earlier this year, Embassy Group CEO Gopi Krishnan quit to start his own firm Fortius Infra. In another exit DivyaSree Developers CEO Santosh Martin moved out to start his own venture in a sector tangled in government-controlled approvals. Another Bangalore-based developer Ozonegroup's CFO Shashidhar Pai quit to start Citrus Ventures with investment banker Vinod Menon.