Indiabulls Real Estate saw a 5 percent increase in its shares on August 29 after the announcement of Atul Chandra’s appointment as the Chief Operating Officer (COO), effective from August 28. Chandra, who is currently the senior vice-president of the company, joined Indiabulls Real Estate Limited in April 2021. He holds a bachelor’s degree in commerce from Jiwaji University, Gwalior, and is a qualified chartered accountant and an associate member of the Institute of Chartered Accountants of India.
According to a regulatory filing on the Bombay Stock Exchange, Chandra brings over 24 years of experience in various domains of real estate development and asset management, audit, accounting, investment advisory, and banking. This appointment comes at a time when the company has reported a decline in its sale bookings for the first quarter of this fiscal year.
During the April-June period, the sale bookings of Indiabulls Real Estate fell by 75 percent to Rs 74 crore. In terms of volumes, the company’s sale bookings reduced to 82,000 square feet. The company recorded a consolidated net loss of Rs 679.34 crore for the first quarter, ending June 2023.
With Chandra’s expertise and experience in the real estate and financial services industry, Indiabulls Real Estate aims to navigate through the challenges faced by the sector and improve its performance. The appointment of a new COO could bring fresh perspectives and strategies to revitalize the company’s sales and growth prospects.
Sources:
– Regulatory filing on the Bombay Stock Exchange
– Indiabulls Real Estate company statement