Plans to strengthen its presence in south India

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