Plans to strengthen its presence in south India

Real estate developer Akshaya has chartered out plans for the next five to 10 years with an aim to strengthen its presence in South India.

Last Updated: Oct 18, 2011, 16:24 PM IST

Chennai: Real estate developer Akshaya has
chartered out plans for the next five to 10 years with an aim
to strengthen its presence in South India.

The expansion plan is also part of the city-based firm`s
foray into new verticals like developing commercial
properties, Information Technology parks, health care and
schools.

"Next five years to 10 years we will be in these
businesses -- healthcare, commercial property, retail,
schools.. it may be through township projects.." Akshaya
Chairman and CEO T Chitty Babu told reporters here.

The company was engaged in developing various real estate
projects for the last 16 years and predominantly focused on
residential units.

"We want to be in commercial projects, retail, healthcare
and schools.. Last year, we touched Rs 200 crore this year we
expect to reach Rs 350 crore.. We are aiming to reach Rs 1,000
crore by 2015..", he said after unveiling the company`s new
logo.

Elaborating about the "rebranding exercise" for which the
company has spent around Rs 10 crore, he said, "we have taken
a conscious decision. Our earlier name (Akshaya Homes) was
saying only about our residential properties, but with the new
logo we will be doing other businesses also".

The company`s future projects would be based on green
building concepts, Babu said and added that CRISIL would rate
their projects regularly.

"Every six months they (CRISIL) will monitor the operations
of Akshaya.", he said.

On their expansion plans, he said, "right now we are
having projects across Tamil Nadu. In next three years you can
definitely see us in other three States ie., Andhra Pradesh,
Karnataka and Kerala".

PTI