The chief executive officer (CEO) of Pune-based public listed developer Kolte Patil Developers, Sujay Kalele, has stepped down from his position to pursue other opportunities, the company said on Friday.
Kalele will continue in the executive position till December 31, 2015 and will be associated with the company in an advisory role till March 31, 2016.
“He will be associated with the company for a few more months for a smooth transition. He is planning to float a real estate-focused tech startup,” a spokesperson of Kolte Patil said.
An email sent to Sujay Kalele to understand more about his future plans did not immediately elicit a response.
He has moved on after serving the company for almost five years.
Rajesh Patil, chairman and managing director, Kolte Patil Developers, said, “He has helped us develop a stronger position in Pune while creating a growing presence in Mumbai. We have also strengthened our cross-functional framework over the last five years.”
The portfolio of the developer is heavily tilted towards the residential segment. However, it will gradually increase its exposure to commercial projects given the pick-up in leasing activity recently.
In a recent interaction with VCCircle, Kalele had said the company is also exploring the option of roping in a private equity firm for a platform deal.