Санжай Дут покидает пост гендиректора Tata Realty на фоне падения выручки и роста убытков

Sanjay Dutt, the long-serving MD and CEO of Tata Realty and Infrastructure Ltd (TRIL) and a real estate veteran with more than three decades of experience, is on his way out after an eight-year stint, leaving his successor with the task of scaling a business that has undergone significant restructuring but continues to grapple with uneven financial performance. Dutt took charge of TRIL in April 2018 and was also given oversight of Tata Housing Development Company as Tata Sons brought its commercial real estate and housing businesses under common leadership. At the time, Tata Sons said the reorganisation was aimed at simplifying structures, leveraging synergies and rapidly scaling the business. Eight years later, the two businesses operate under common leadership, Tata Realty has expanded its commercial office platform and sharpened its focus on India's largest property markets. But its financial performance remains uneven. TRIL's revenue fell 19 percent to Rs 1,620 crore in FY26 from Rs 2,008 crore a year earlier, while its loss widened to Rs 456 crore from Rs 47 crore in FY25, according to reported financials. Revenue contracted at a compound annual rate of 8.59 percent between FY20 and FY26. The numbers frame the challenge confronting Dutt's successor: converting the Tata brand, access to capital and an established commercial platform into greater scale and sustained profitability. Tata Realty did not comment on the matter when Moneycontrol reached out seeking details of the company's expansion plans under future leadership. Business Gets Focused Dutt was already one of India's better-known property executives when he joined Tata. His career spans more than 30 years across real estate development, investment and consulting, including stints as CEO of JLL's India business and managing director for South Asia at Cushman & Wakefield. He was also among the early members of CBRE India and, immediately before joining Tata, headed India operations and private funds at Ascendas-Singbridge, subsequently part of CapitaLand. "At one point, Tata Realty and Tata Housing pursued a pan-India presence across price points, and went overseas as well. After Sanjay Dutt took charge in 2018, he integrated the management, pursued scale and brought the focus back to the top markets, such as Mumbai, Bengaluru, Pune, Hyderabad and NCR," a senior real estate industry observer said. "They have also allocated capital to pursue land buys or joint development deals," the person added. A significant part of Tata Realty's expansion under Dutt came from commercial real estate. The company operates its office portfolio under the Intellion brand. Tata Realty says it has handed over around 0.87 million square metres of operational commercial space, with another 0.35 million square metres in development and around 0.70 million square metres under development and planning. It also brought institutional capital into the platform. In 2022, Tata Realty and CPP Investments announced a commercial real estate joint venture with an aggregate equity value of Rs 5,300 crore. The venture was seeded with Intellion Park Chennai and Intellion Edge Gurugram and envisaged further capital for acquisitions. The residential business, however, has had a more uneven trajectory. Industry executives said Tata Housing's earlier push into affordable housing and Tier-II markets coincided with a weaker housing cycle, after which the group shifted towards India's largest property markets and higher-value developments. "The group made a bet in the 2010s that affordable housing would be the next big thing in the Indian housing market. However, the housing cycle was still on the weaker side, and they burned their hands in the affordable market as well as in Tier-II markets," a senior real estate executive said. "They did not chase the upper end of the market, which they are attempting to do now, but it is coming at a time when the housing cycle is again turning flat," the executive added. Scale Remains Challenge The shift has come as large developers including Lodha Developers and Godrej Properties have expanded through land acquisitions, redevelopment and joint development agreements. Industry observers said Tata Realty has pursued a more measured growth strategy, despite the Tata brand providing it with significant recognition among homebuyers and potential development partners. "Tata group companies have generally pursued conservative growth paths, and that is true for real estate as well," an industry observer said. The person contrasted Tata Realty's strategy with Godrej Properties' aggressive addition of projects through land acquisitions and redevelopment. "Tata has a very strong brand, which provides leverage in seeking premium price points, but its real estate business has not achieved the scale that advantage might suggest," the person said. Dutt's successor will nevertheless inherit a substantially different business from the one he took charge of in 2018. The organisational consolidation has largely been undertaken, the geographical strategy is more focused and Tata Realty has built an institutional commercial real estate platform. Tata Realty currently describes Dutt as overseeing a 37-million-square-foot development and asset-management portfolio across 13 cities and 21 projects. The challenge for the next leadership will be to accelerate the residential business and improve financial performance without losing the more disciplined structure built over the past eight years. Dutt's tenure largely addressed Tata Realty's organisational consolidation and expanded its commercial platform. His successor inherits the next part of the job: turning that platform into greater scale and sustained profitability. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated! Find the best of Al News in one place, specially curated for you every weekend. Stay on top of the latest tech trends and biggest startup news.