Former Citi India head, Mphasis founder and poet. Now, apostle for affordable housing
In Jaithirth “Jerry” Rao’s favourite poem, “The Love Song of J. Alfred Prufrock” by T.S. Eliot, there is a line where the protagonist ponders, “Do I dare/Disturb the universe?” It might as well be a question Jerry saves for rumination post-retirement, because he goes ahead and does it anyway.
The 58-year-old part-time poet and former head of Citibank India, quit 20 years of finance to found the software firm Mphasis. Diminutive and thoughtful, yet fast-talking with pungent verve and energy, Rao thrives on being the contrarian. He acquired a technology-driven firm when the dotcom boom was in decline and a few years later sold a controlling stake in his company to EDS for $380 million. Since then, he has been a venture capitalist, invested in Grover Vineyards, picked up five percent stake in Osian’s — an art auction house and published poetry.
Can It Be Done?
Rao believes that meticulous execution will keep the project profitable, even though the per square-foot price is low. But this argument doesn’t cut ice with Abhisheck Lodha of Lodha Group. “There is a certain cut-off point below which you can’t maintain quality standards or profitability,” he says. The cheapest segment that he is comfortable with is the Rs. 10 lakhs to Rs. 25 lakh segment. “Gives us more breathing room,” he says. His sentiments are echoed by Ashish Jindal, northern regional director, for realty research firm Knight Frank.
(This story appears in the 05 June, 2009 issue of Forbes India. To visit our Archives, click here.)