DLF Ltd, one of the leading real estate developers in the country, has appointed Karun Varma as executive director, North India, for its commercial business DLF Offices, the firm said in a statement.
He will be responsible for leasing business, tenant relationships and building management services for DLF’s office assets in North India, it said.
“Karun has a distinguished career in both property consulting and property transactions for companies including numerous Fortune 500 firms. His experience and network will enhance the offices portfolio of DLF in northern India, which he shall lead,†said Sriram Khattar, managing director, DLF Rental Business.
“Commercial office market is a bright spot for the real estate sector. With the support of the DLF team, I look forward to contributing to the company’s vision of sustained growth, customer satisfaction and innovation,†said Varma.
DLF, which has a strong presence in commercial and residential segments, has its key commercial properties in North India. Recently, in a bid to leverage its rent-yielding assets, the promoter group of DLF entered into a pact with Singapore’s sovereign wealth fund GIC to sell its 40% stake in its rental arm.
The company expects to use the proceeds from stake sale to pare debt worth over Rs 22,000 crore.
