New Delhi, July 22 -- Public-listed real estate developer Kolte Patil, which is backed by private equity giant Blackstone, is all set to bring in a new chief executive officer, eight months after the previous CEO stepped down, multiple people familiar with the development told VCCircle.
Blackstone, which has a portfolio of over $50 billion in India across private equity and real assets, had picked up a 40 per cent stake in Kolte Patil Developers Ltd for Rs 1,167 crore ($134 million) in 2025.
Blackstone, which made an entry into India's housing market through the deal, had been on the lookout for a chief executive office for a while now. "A number of names had come up in the conversations [on who is] to lead the company but an agreement has been signed now," one of the persons mentioned above said.
Hrishikesh Parandekar, who is currently a senior partner at Alpha Alternatives, is all set to join the Pune-headquartered developer as chief executive officer. "He will formally join the firm [Kolte Patil] in a quarter's time," the second person said.
Parandekar has over 25 years of experience across companies such as McKinsey & Company, Sugee Group, Ambit Holdings, Karvy Group and Morgan Stanley besides his current employer Alpha Alternatives.
Spokespersons for Kolte Patil and Blackstone declined to comment for the story.
Atul Bohra, who last served as the chief executive officer of the company, stepped down from the role in November, 2025. Following his departure, the company's business operations have been led by managing director Rajesh Patil.
Prior to Bohra, Rahul Talele resigned from the CEO role in late 2024.
In the quarter ended June 30, Kolte-Patil reported a sales value of Rs 617 crore, which was broadly unchanged from Rs 616 crore a year ago.
Meanwhile, its collections increased 30 per cent year-on-year to Rs 715 crore in Q1FY27 from Rs 550 crore in Q1FY26. The company's average sales realisation rose 29 per cent to Rs 9,442 per sqft during the quarter from Rs 7,337 per sq ft in the year-ago period.
The developer reported a consolidated net loss of Rs 38.08 crore for the full year FY26, down from a net profit of Rs 109.33 crore in FY25.
Kolte Patil, which has presence across Pune, its home market, Mumbai, Bengaluru and Navi Mumbai, has residential, commercial and retail assets under its portfolio.
Among other leadership changes in the real estate sector, recently Quaiser Parvez joined CapitaLand as India CEO from Knowledge Realty Trust. Sanjay Dutt has put in his papers to step down from his position as CEO of Tata Realty and Infrastructure.
Published by HT Digital Content Services with permission from VC Circle.