Akshaya Plans turnover of Rs.1,000 crore by 2015.

T. Chitty Babu, chairman and CEO of Akshaya

Chennai based real estate firm Akshaya Private is looking at Rs. 300 crore of PE funds at the project level, to spread its wings beyond Tamil Nadu.

The Akshaya Private plans to avail of these funds through Special Purpose Vehicle (SPV ) without diluting promoter stakes.

Mr. T. Chitty Babu, chairman and CEO of Akshaya, ''We are working on to get PE funds domestic and FDI to back up our expansion plans in the years to come. We are in talks with few of these firms and the amount will not be less than Rs. 300 crore. Funds will come at the project level and therefore the question of stake dilution does not arise at all. As starter, the company would move beyond Tamil Nadu and tap the realty markets of Karnataka, Andhra Pradesh and Kerala."

Akshaya expects to notch up a turnover of Rs 350 crore by the end of current financial year (2011-12) and Rs 1,000 crore by the end of 2015.
Mr. Chitty Babu also said,'' Once we consolidate our position in southern India, we will start marking our presence in rest of the country and that's hopefully after 2015".

Meanwhile, the company has started looking at tier-II and tier-III cities of Tamil Nadu like Coimbatore, Trichy and so on.

As much as 80%  of the Akshaya's delivered space so far, have been in the residential segment while the remaining 20% in the commercial space. However, going forward, the company would increasingly focus on commercial segment. Over the next 3  years, 40% of the space developed by us will be in commercial and retail segment.

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