"I have been with SUN Apollo since its inception and helped raise the $630 million SUN Apollo India Real Estate Fund. After having relocated from the US, I have spent the past three years establishing the Indian operations, building a solid investment team and made several significant investments in all property types," says Davé in a release. "At this point, keeping in mind certain personal priorities, I am looking forward to transitioning to a less intense role."

SUN Apollo, an India-based advisor for a $630 million real estate fund, is a joint venture between SUN Group and AREA Property Partners.

Kalothia, formerly a managing director with the SUN Group, has overseen the real estate investments here since 2002. Before that he worked for Lend Lease Corp. and Larsen & Toubro.

"Prakash helped conceive of the idea of the Fund. He was invaluable in its formation and has been an active force on the Investment Committee. We have full confidence in his ability to build on Chetan's success," William Benjamin, CEO of Europe and Asia and COO of AREA Property Partners.

Prior to relocating to India for SUN Apollo, Davé was the CIO of Houston-based Transwestern. He has also served as a principal in the real estate group at J.P. Morgan Partners.