Akshaya Homes to invest Rs 300 cr

Chennai-based Akshaya Homes is planning to invest around Rs 300 crore in 11 projects over the next 16 months.

Chairman and chief executive officer T Chitty Babu said three commercial projects including an IT park and a commercial complex at Chennai would come up as part of the plan. The upcoming residential projects include 200 and 142 apartments in Coimbatore and Chennai respectively.

It is also planning to strengthen its hospitality business by launching a 60-room resort in Yercaud by 2010 on four acres of land.

Akshaya has set a target to become a Rs 1,000-crore company by 2012 after which it would look at going public.