Shrikant Joshi

Shrikant Prabhakar Joshi (born 14 July 1958) is the Chief Executive Officer and Managing Director of L&T Realty, the Real-estate arm of a $21 billion building and development giant - Larsen & Toubro Ltd.

Shrikant Joshi
Born
Shrikant Prabhakar Joshi

(1958-07-14) 14 July 1958
Malkapur, Maharashtra, India
NationalityIndian
Alma materPGDBM from IIM, Ahmedabad and B.Tech from IIT, Delhi
OccupationCEO & MD of L&T Realty
Spouse(s)Jyotsna Joshi
Children2

He is a graduate of IIT Delhi and IIM Ahmedabad and has over 37 years of experience across association of global eminence, such as Wipro, Philips, Heinz, Sify and Emaar Group.[1]

Career

Shrikant Joshi started with Wipro from IIM, Ahmedabad campus and had a long and successful tenure from 1983 to 1996. He was the founding member of Wipro Lighting. He was also a member of Wipro Infotech Council and chaired the Wipro Corporation, Marketing Council.

At Philips (1996- 2000), he was the Internationally Certified Auditor for the Philips Leadership Labs & Philips Quality Award. He conducted world class quality audits in China and Singapore and was also an assessor for Leadership labs.

Under his leadership, Sify (2000-2006) went on to become the largest internet café franchisee operations in the country and its home subscriber base crossed 1,00,000 subscribers. Also, Sify became the first company to launch high quality Net telephony[2] in India with the prime objective of making international calls affordable for users. He teamed up with the Indian Institute of Banking to conduct their professional examination online at Sify iWays.

He worked in Heinz where he successfully launched the Heinz Tomato Ketchup in India.

Experience in real-estate sector

The real estate journey started with Emaar MGF where he became the CEO in 2008.

Shrikant Joshi joined L&T Realty in the year 2011 as a chief executive and currently serving as CEO and MD of the company.

In his current role, he is responsible for L&T's long-term vision to create a sustainable and strong real estate business.[3] L&T Realty currently develops high end residential developments to integrated townships, commercial and retail spaces across 6 major cities in India. In the commercial space, he led the development of India's first Trans-oriented development spanning across 2.7 million sq. ft. in phase-1 at Seawoods Grand Central, Navi Mumbai. Seawoods Grand Central is the combination of an embedded Transit zone (Train station), commercial space & retail mall under one roof. The retail mall (now Nexus Mall) was sold to Blackstone Group[4] for Rs. 1450 crores (US$226 million) in March 2017.

On May 26, 2017, Shrikant Joshi announced [5] the plan of launching three malls of 1.2 million sq ft in Hyderabad in the next six months.

On August 2, 2017, speaking on the occasion of L&T Realty's agreement[6] with Nirmal Lifestyle Developers to jointly develop a nearly 20-acre land parcel on LBS Marg in Mumbai's north central suburb of Mulund, Mr. Joshi said "With this launch, L&T Realty would be developing close to 15 million sq. ft of residential space within Mumbai alone. The proposed development of over 3 million sq. ft comprising over 2,000 apartments will be developed in phases spanning seven to eight years and has an estimated project revenue of close to Rs 5,000 crore".

On September 8, 2017, Shrikant Joshi confirmed the Global pharmaceutical major Teva's arm Watson Pharma has rented[7] 105,000 sq. ft. of office space (and further looking to rent an additional 28,000 sq. ft. built-up area). With the total take-up of 133,000 sq ft, it is the second biggest office lease deal in the last three years.

On December 25, 2017, citing on lenders looking for developers with strong brand and good track record, Mr. Joshi stated[8] to Business Standard "A number of proposals exploded on us, our deal pipeline with lenders also grown 10 times in the past two-three months". Also emphasised[9] "With RERA coming in, land owners and developers are rethinking their real estate strategies. So, people who have land parcels are looking for a credible partner on the other side”.

Real Estate industry is on a revival[10] in residential sales as recent data of Q3 FY18 accompanied positive sign towards home buyers showing interest. "There has been a revival in residential sales in the Q3 FY17-18. L&T Realty has seen an upswing in the sales across our three projects in Mumbai and Bengaluru. Our recently launched project, Emerald Isle, Phase-II in Powai, has drawn an unprecedented interest, generating around 2,000 walk-ins in 120 days. Also, the sales velocity at our maiden project in Bengaluru is at all-time high. Our total gross sales for Q3 FY17-18 stand 20 per cent higher than the sales of Q3 FY16-17" said Shrikant Joshi to Business Standard.

Three SBDs (Secondary Business Districts) — Kharbao in Bhiwandi, Nilaje in Kalyan and Shedung in Panvel will be developed as per recent Maharashtra government regional plan. These new development will multiply job opportunities in regions around Vasai-Virar, Mira-Bhayander, Thane and Bhiwandi. Mr. Joshi said[11] "Unlike the generation prior, the millennial isn’t keen to spend a few hours of his workday in a commute, urging realty developers to plan markets closer to where the labour force is, Seawoods Grand Central one of the few transit-oriented developments in India."

On July 4, 2018, Mr. Joshi addressed IIM Ahmedabad 2018-19 PGPX batch on "Real Estate Industry: New paradigms and trends"[12]

On December 14, 2019, In April 2019, the company sold 490 apartments out of the 510 it launched in the Seawoods area of Navi Mumbai – a huge success in otherwise sluggish market.

In a recent interview with the Business Standard,[13] Mr.Joshi highlighted that there is a good customer response to the recently launched project at Mulund, Mumbai. He added that apartment sizes are becoming smaller and markets are moving towards more appropriate pricing. “Earlier a two bedroom apartment used to cost Rs 2.25 crore. Today, we are launching it at Rs 1.5 crore (in Mulund),” he said.

L&T Realty is growing its business cautiously despite a couple of good residential launches. With RERA in effect, it is crucial for developers to keep up with customer commitments. Not only does the company promise timely possession of residences, but also ensures that amenities like clubhouse are ready with the first customer moving in.

In the current challenging market, developers like L&T Realty have an edge because of a strong brand name, financial muscle and construction capabilities.[14]

Personal life and education

Shrikant Joshi was born in Malkapur, Maharashtra and raised in Bhilai, the steel city of Chhattisgarh. He graduated from IIT Delhi in 1981 and then completed PGDBM from IIM, Ahmedabad in 1983. He also attended the Breakthrough Program at the University of Lausanne, Switzerland in 2015. His wife, Jyotsna Joshi, an Architect working for L&T Construction.

Board memberships and affiliations

2019–Present: Member, Board of Governors, IIM Ranchi

2016–Present: Managing Director, L&T Realty

2012–Present: Board Member, L&T Realty

2012–Present: Director, L&T Seawoods Limited

Awards and honors
Shrikant Joshi receiving the 'Real Estate CEO of the Year 2017' award at Grohe Hurun Real Estate Leadership Summit in Mumbai, January 18, 2018
  • 'Real Estate CEO of the year 2017'[15] by Grohe Hurun Real Estate Leadership Summit and Excellence Awards
  • 'Scroll of Honor' at Realty Plus Excellence Awards 2015

Under his leadership, L&T Realty won more than 75 awards in the Real Estate space; some of them are listed below:

  • Developer of the Year - Commercial Projects, L&T Realty
  • Commercial Project of the Year - Seawoods Grand Central
  • Developer of the Year - Residential Projects, L&T Realty
  • Luxury Project of the Year - Emerald Isle Phase II
  • Smart Real Estate Project of the Year - T6, Crescent Bay
  • High Rise India Project of the Year - Crescent Bay
  • Best Upcoming Residential Project of the Year, Construction Times, Crescent Bay - L&T Realty, 2017
  • Office Development, Asia Pacific Property Awards, L&T Seawoods Grand Central, 2016
  • Mixed Use Development, Asia Pacific Property Awards, L&T Seawoods Grand Central, 2016
  • Retail Development, Asia Pacific Property Awards, L&T Seawoods Grand Central, 2016
  • Design Excellence Award, L&T HITECH City, Hyderabad, 2016
  • Design Excellence Award, Punjagutta Mall, Hyderabad, 2016
  • Best Redevelopment Project, Construction Times, Pragati, 2016
  • Award for Excellence in Training & Development, L&T Realty, 2015
  • Luxury Project of the year, Realty Plus, L&T Crescent Bay, 2015
  • Architecture/Interior Spaces, CMO Asia, Sky Deck at L&T Crescent bay, 2015
  • Innovation in Recruitment, Asia Pacific HRM Congress, L&T Realty - HR, 2015
  • Award for Excellence in Human Resource, L&T Realty - HR, 2015
  • Most Admired Real Estate website of the year, CMO Asia, L&T Realty, 2015
  • Award for Brand Excellence in Real Estate Sector, CMO Asia, L&T Realty, 2015
  • Asia's Most Promising Brand, WCRC Awards, L&T Realty, 2015
  • Best Construction Company of the year, Franchise India Estate Award, L&T Limited, 2015
  • Best Digital Marketing Campaign, CMO Asia, L&T Crescent Bay & L&T Emerald Isle, 2015
  • Most Admired Real Estate Website of the year, CMO Asia, L&T Realty, 2015
  • Real Estate Company of the Year, Lokmat Awards, L&T Realty, 2015
  • Developer of the year - Residential, Realty Plus, L&T Realty, 2015
  • Award for Professional Excellence, CMO Asia, L&T Realty, 2015
  • Marketing Excellence in Shopping Malls, National Awards for Marketing Excellence, Elante Mall, 2015
  • Upcoming Destination, Estate Avenues, Best Malls and Shopping centers of the year, L&T Seawoods Grand Central, 2015
  • Credai MCHI, L&T Seawoods Grand Central, 2015
  • Residential Property of the year, Lokmat Awards, L&T Crescent Bay, 2015
  • Effective use of marketing communication, CMO Asia, L&T Emerald Isle, 2015
  • Marketing Campaign of the Year, CMO Asia, L&T Emerald Isle, 2015
  • Best Green Building Award, CMO Asia, Sanofi Towers, 2015
  • Best Mall & shopping Centers of the year - Operational Mixed-Use, Estate Avenues, Elante Mall, 2015
  • Integrated Township of the Year, Lokmat Awards, L&T Eden Park, 2015
  • Most Admired Upcoming Project of the year, DNA Real Estate Award, L&T Seawoods Grand Central, 2015
  • Most Admired Upcoming Project of the year, Lokmat National Real Estate Award, L&T Seawoods Grand Central, 2015
  • Professional Excellence in Real Estate, ABP Real Estate Award, L&T Realty, 2014
  • Developer of the Year - Commercial, ABP Awards, L&T Realty, 2014
  • Excellence in customer info and Responsiveness parameters, MCHI Credai Property, L&T Realty, 2014
  • Best Landscape, L&T Business Park - Friends of the Trees, 2014
  • Most Admired Real Estate Website, ABP Real Estate Awards, L&T Realty, 2014
  • Residential Project of the Year, Lokmat Real Estate Award, L&T Realty, 2014
  • Best Construction Company, NAREDCO Real Estate Award, L&T Construction, 2014
  • Residential Project of the year west, Franchise India Estate Award, L&T Crescent Bay, 2014
  • Residential Project of the Year, ABP Real Estate Award, L&T Emerald Isle, 2014
  • Best Design Apartment Project of the year, Silicon India Real Estate Award, L&T Eden Park, 2014
  • Residential Project of the Year - Runners up, Construction Week India Award, L& T Eden Park, 2012
  • Best Township Project, NAREDCO Real Estate Award, L&T Eden Park, 2014
  • Most Admired Shopping Centre Launch of the Year in North, ISCA, Elante Mall, 2014
  • Most Admired Shopping Centre for Marketing and Promotion, India Shopping Centre Awards, Elante Mall, 2014
  • Project of the year, Developer and Builders Alliance, L&T Seawoods Grand Central, 2014
  • Best Project in Non Metro – National, Franchise India Estate Awards, Elante Mall, 2014
  • Mall of the Year, Star Retailer Awards, Elante Mall, 2014
  • Retail Property of the Year, Realty Excellence Award, Elante Mall, 2014
  • Retail Property of the Year, Realty Excellence Awards, Elante Mall, 2014
  • Best Retail Project of the Year, CNBC Awaaz, Elante Mall, 2014
  • BANM - Credai, L&T Seawoods Grand Central, 2014
  • Best Design & Planning, Vishwakarma Award, L&T Crescent Bay, 2013
  • Best Use of Technology, Estate Award, L&T Crescent Bay, 2013
  • Residential Project of the year - West, India - Estate Award, L&T Crescent bay, 2013
  • Project Innovativeness for Pragati Parel, Engineering Marvel Awards, Pragati, 2013
  • Best Use of Technology, Estate Awards, L&T Realty, 2013
  • Best Green Building, CMO Asia, Sanofi Towers, 2013
  • IT Park of the year, L&T HITECH City, Hyderabad, 2010
  • Best International Project of the year, Developers and Builders Alliance, USA, L&T Seawoods Grand Central, 2009
  • Outstanding Concrete Structure, Ultratech Endowment Award, L&T Realty, 2009
gollark: Rude.
gollark: ++tel graph
gollark: ++magic py```pythonimport eventbusawait eventbus.remove_bridge_link(bot.database, ("discord", ctx.channel.id), ("apionet", "#", "hchat"),True)```
gollark: ++magic py```pythonimport eventbusawait eventbus.remove_bridge_link(bot.database, ("discord", ctx.channel.id), ("apionet", "#", "hchat"), "manual", True)```
gollark: Oh, I broke the entire bridge system, fun.

References
  1. "Company Overview of Emaar MGF Land Limited". Bloomberg. Retrieved 2013-05-25.
  2. "Sify slashes call rates to Gulf to Rs 9/min". Business Standard. Retrieved 2005-06-02.
  3. "REITs set to bring in a lot investments in real estate: Shrikant Joshi, L&T Realty". Economic Times. Retrieved 2005-03-01.
  4. "Blackstone set to buy retail space from L&T Realty for Rs1,450 crore". Livemint. Retrieved 2015-04-25.
  5. "L&T Realty banks on large projects". Business Standard. Retrieved 2017-05-27.
  6. "Nirmal raises Rs570 crore debt from L&T Finance". Livemint. Retrieved 2017-08-02.
  7. "Teva's arm Watson Pharma leases 100,000 sq ft in Mumbai". Business Standard. Retrieved 2017-09-08.
  8. "Realty lenders turn to white knights". Business Standard. Retrieved 2017-12-25.
  9. "Corporate developers look to make the most of RERA regime". Livemint. Retrieved 2018-01-19.
  10. "Signs of revival in realty sector: New schemes will do well, say experts". Business Standard. Retrieved 2018-02-19.
  11. "New business hubs emerging in Oshiwara, Kalyan, Bhiwandi, Thane". Hindustan Times. Retrieved 2018-04-21.
  12. INDIAN INSTITUTE OF MANAGEMENT AHMEDABAD. "IIMA PGPX Speaker Series 2018 19 - Mr Shrikant Joshi, MD and CEO, L&T Realty" (YouTube). Retrieved 2018-07-04.
  13. Mr.Shrikant Joshi. "Mr Shrikant Joshi, MD and CEO, L&T Realty". Business Standard. Retrieved 2019-12-14.
  14. Mr.Shrikant Joshi. "Mr. Shrikant Joshi, MD and CEO, L&T Realty". Economictimes. Retrieved 2019-12-19.
  15. "Mr. Shrikant Joshi, CEO & MD of L&T Realty awarded The Real Estate CEO of the Year 2017". Zricks.com. Retrieved 2018-03-22.
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