Mohit Malhotra, Managing Director and CEO of Godrej Properties, has resigned to pursue opportunities outside of the company with effect from the close of business hours on December 31, 2022.

His resignation has been accepted by the board of the company at its meeting held on August 2, 2022. Malhotra had been steering Godrej Properties since the past five years. He leaves the company after completing 12 years of service.

Gaurav Pandey, who is currently serving as CEO-North Zone, has been appointed as the MD and CEO of the company, with effect from January 1, 2023. His appointment was also approved by the board on Tuesday.

Pirojsha Godrej, Executive Chairman—Godrej Properties, said: “I am delighted that we are appointing Gaurav as our next Managing Director and Chief Executive Officer. The strong value creation he has delivered as CEO of our business in the North Zone combined, with his demonstrated passion and leadership, makes him a great fit for this role.”

“Pandey has over 17 years of experience in the real estate sector. As the CEO of the North Zone, Gaurav transformed the P&L of the business and built a high performing team. The North Zone is now the fastest growing and most profitable zone at GPL. In the five years of his leadership, the zone grew by 6X in booking value, 4X in collections, and imputed ROCE increased very significantly to 27 per cent,” Godrej Properties said in a statement.

Prior to joining Godrej, Pandey was the CEO of Burman GSC, the joint real estate platform of the Burman family and Golden State Capital.