Pune's convention man

Realtor Atul Chordia is all set to inaugurate India's first convention centre.

From a small beginning as a real estate broker to being the man behind India's first international convention centre, Atul Ishwarbhai Chordia has come a long way. But what sets him apart is his nose for the big opportunity and his passion for Pune, his home city.

With three million square feet of quality space already under his belt, and another nine million coming up, Chordia's Panchshil Realty has become a brand to reckon with.

Funds such as Merrill Lynch, Morgan Stanley and Ireo Fund have invested in Panchshil's projects. Chordia has also tied-up with global hospitality chain Marriot which will manage Panchshil's hotels and serviced apartments in Pune.

Chordia moved from his broking business to construction in the late '90s, when the realty business was going through a bad patch. "I saw the information technology business picking up fast. The low ebb in the late '90s did not bother me as I felt realty would bounce back in no time," says Chordia.

He looked for opportunities in the commercial real estate and built an office building for Axa Software on Bund Garden Road. But his real breakthrough came when he was invited in 2003 to build the International Convention Centre - a dream project for Pune's Mahratta Chamber of Commerce, Industry and Agriculture (MCCIA).

The trade towers are already built and the convention centre is under construction. Marriot will manage the 430 rooms and the convention centre.

Chordia is now focussed on the Eon Free Zone, the country's first notified special economic zone with IBM, Eaton, Honeywell signing up.

Chordia is tight-lipped about the company's financials, except for the $150 million invested by the venture funds.

"We are in the build to suit and lease business against the common practice of build, sell and exit. We invest and create a steady stream of lease rentals as our income," says he.