Chief Executive Officer (business), Jones Lang LaSalle (JLL), Sanjay Dutt, has quit the firm to launch his own realty fund. Dutt, former joint managing director at Cushman & Wakefield, is joining hands with Nipun Sahni, former head of global commercial, real estate, India, at Bank of India Merril Lynch, to launch the fund, according to sources. The fund size is in range of Rs 300-400 crore.
Anuj Puri, chairman and country head, India, at JLL, confirmed the development. "Yes, Sanjay has put in his papers. He wants to become an entrepreneurhimself. We wish him the best,” Puri said.
Similarly, Naresh Naik, managing director, Morgan Stanley Real Estate Investing (MSREI) had resigned to set up his own fund. Early this year, senior executives of South Asian Real Estate Group or SARE Group, an investment and development company, resigned to launch a $50-million real estate fund.
However, fund raising in real estate would be tough for the first-time funds, according to experts. The new guidelines for alternative investment funds, brought by market regulator Securities and Exchange Board of India (Sebi) is also expected to hit fund raising in real estate space.