Blackstone Real Estate Elevates Two India Executives to Senior Roles
Blackstone Real Estate, a global investment firm, announced on September 4 that it has elevated two India executives to senior roles. This move is part of broader changes to the firm's Asia-Pacific (APAC) Real Estate business, which has grown significantly under the leadership of Chris Heady over the past 20 years.
Tuhin Parikh will transition to the newly created role of Vice Chairman of Real Estate Asia and Executive Chairman of Real Estate India. Parikh has been instrumental in the firm's growth in India, where Blackstone has become one of the largest real estate investors, managing over $50 billion in assets since inception, including $20 billion in real estate.
Along with Parikh, Asheesh Mohta will step into the role of Head of Real Estate India after serving as Head of Real Estate Acquisitions India. Mohta has been a key figure in the firm's strategic acquisitions and has played a crucial role in the successful launch of 5 Real Estate Investment Trust (REIT) IPOs in India, including the first and most recently, the Knowledge Realty Trust, which was 13x subscribed.
The elevation of these executives is a testament to Blackstone's commitment to the Indian market. Under the leadership of Tuhin and Asheesh, the firm has not only expanded its portfolio but has also made significant contributions to the real estate sector in India. Blackstone's investments span across various asset categories, making it one of the most significant foreign real estate investors in the country.
Tuhin will continue to report to Chris Heady, Chairman of APAC and Head of Real Estate Asia, while Asheesh will report to Tuhin. This leadership structure is designed to ensure continuity and further growth in Blackstone's real estate business in India and the broader APAC region.
Blackstone's robust presence in India is underscored by its significant investments. The firm has been at the forefront of major real estate transactions, including the recent acquisition of a 66% stake in Kolte Patil for ₹1,800 crore, marking its entry into the housing market in India. Such strategic moves highlight Blackstone's strategic vision and its confidence in the Indian real estate market.
The firm's success in India is also reflected in its ability to navigate regulatory changes and market dynamics. For instance, the recent GST cut on construction materials like cement has brought festive relief to the sector. However, it remains to be seen whether developers will pass on the benefits to buyers, a move that could further stimulate the market and attract first-time homebuyers.
Blackstone's commitment to the Indian real estate market is evident from its continued investment and the elevation of key executives. With Tuhin Parikh and Asheesh Mohta at the helm, the firm is poised to continue its growth trajectory and make further significant contributions to the Indian real estate sector.
