It’s the rise of the son. Godrej Properties (GPL) one of the fastest growing listed arms of the $3.3 billion Godrej group on Thursday said the firm has appointed its chairman’s lone son Pirojsha Godrej as managing director and chief executive officer of the company with effect from April 1, 2012.

Milind Korde, GPL’s current MD, has resigned for personal reasons and will step down as MD on March 31, 2012, said a company statement. The statement to the BSE added Korde would continue to support Godrej Properties as senior advisor after his retirement from the board of directors.

A senior official from a real estate consultancy said “Pirojsha was already working with Godrej Properties for last few years and he is well aware of the company. There will not be any significant impact and with Milind as senior advisor transition will be much easier.”

Keki Dadiseth, an independent director on board of Godrej Properties said, “The board has complete confidence Pirojsha is the right individual to be next CEO of Godrej Properties. Pirojsha is an inspiring leader and a great team player. He is a role model for Godrej values and is deeply committed to building on GPL’s strong performance. Pirojsha will successfully lead the firm through next phase of its growth and success.”

The company also said V Srinivasan, who is currently chief financial officer at Godrej has been appointed executive director of Godrej Properties with effect from April 1, 2012. The board believes Srinivasan will add tremendous value to Godrej Properties, said the release.

Adi Godrej, chairman at Godrej Properties and Godrej Group said, “Pirojsha’s leadership, knowledge of the real estate sector, and strategic mindset will be critical in enabling the company to achieve its ambitious goals. Srinivasan joining Godrej Properties will further strengthen the leadership team. I would also like to make special mention of Milind Korde’s significant contributions to Godrej Properties and thank him for his efforts.”

Meanwhile on Thursday the company reported October-December 2011 consolidated net profit of Rs 288.15 crore up 85.66 per cent from a year ago. The company’s total income from operations stood at Rs 1,497.47 crore up 210.8 per cent from a year ago.

Since his appointment as executive director in 2008, Pirojsha has been involved in a leadership capacity in all key areas of the company’s operations.

jharnamazumdar@mydigitalfc.com