Omaxe founder to be non-executive director; sons to lead realty firm

Realty firm Omaxe on Thursday announced a succession with founder Rohtas Goel relinquishing the role of executive director and delegating responsibilities to his two sons Mohit and Jatin Goel.

Under the succession plan, elder son Mohit Goel has become Managing Director of Delhi-based Omaxe, while Jatin Goel is now executive director.

In a statement, Omaxe said that Rohtas Goel, the Founder Chairman, has "relinquished his role as Executive Director and decided to continue in the capacity of a non-executive director and Chairman."

Under the leadership of two brothers, Omaxe said the company would focus on reducing debt and exploring additional growth opportunities through public-private partnerships.

"I am proud to witness the evolution of Omaxe and see my sons take the helm. This transition marks a turning point in the company's history, where Omaxe will embark on new avenues of growth and continue to make significant contributions to the real estate industry," Rohtas Goel said.

The company's MD Mohit Goel said the primary focus will be to reduce debt and strengthen the company's financial position.

"We are also excited about exploring public-private partnerships to drive growth and create value for our stakeholders," he added.

Omaxe has delivered over 132 million square feet of real estate space. It has delivered 21 group housing real estate projects, 10 integrated townships, and 14 commercial malls/office spaces/hotels/SCOs.

The group has another 22 million square feet of space under construction. This includes 7 ongoing integrated townships, 5 group housing projects and 7 commercial malls/office spaces/hotels/SCOs.

Omaxe Group began its journey in 1987 when Rohtas Goel laid the foundation to undertake construction and contracting business, the statement added.