City-based real estate developer, Akshaya Homes Pvt Ltd, is planning to foraying into healthcare by setting up three healthcare centres here. The total project cost is around Rs 300 crore. It would rope in healthcare service providers to run these centres.
T Chitty Babu, chairman of Akshaya Homes, said the first centre would come up on Old Mahabalipuram road and would be spread over 300,000 sft. It would have around 300 beds.
The company is in talks with four to five healthcare institutions, including chain hospital groups, for joint venture to run the facility.
“There is a huge demand for healthcare infrastructure and we have identified potential for real estate development in the segment. We are planning multiple projects in collaboration with healthcare service providers, through leasing or revenue sharing models,” he said.
Despite efforts from the governments and health care service providers to build adequate infrastructure for the segment, there is a disparity in population per hospital beds ratio in the country. The private sector is looking at options to increase its geographical presence with more number of beds and related facilities.
“This is where we see an opportunity in developing infrastructure for healthcare facilities. Moreover, it is part of our asset creation,” added Babu. Around 60 per cent of the project cost of Rs 300 crore in the next three years would be invested by the company through internal accruals while the rest would be from debt.
The company is also planning a high-end luxury residential project and a commercial real estate project in Chennai. The proposed luxury residential project, with 38 to 40 units, would be launched by the third quarter of this fiscal.
Akshaya has so far developed around 3 million sft and another 4.6 million sft of commercial and residential projects are under way. It is also commencing luxury homes and commercial projects in cities like Coimbatore, Madurai and Trichy other than Chennai.
