Developer looks to expand frontiers beyond Coimbatore
Adissia Developers, a relatively new player in the market which started its journey in Coimbatore is aiming to be a ₹1,000 crore firm in the
Adissia Developers, a relatively new player in the market which started its journey in Coimbatore is aiming to be a ₹1,000 crore firm in the next two years. “Currently, our turnover is ₹520 crore and we will be a ₹1,000 crore company in two years. We expect our turnover to be around ₹2,500 crore in 4-5 years,” M.V. Manikandan, Founder and CMD of Adissia Developers, said. Manikandan, who is a first generation entrepreneur, said that in two years, Adissia has managed to have a significant presence in Coimbatore and Tiruchi.
“Now we are going to shift our headquarters to Chennai,” he said during a fireside chat with Soundariya Preetha, Deputy Chief Of Bureau (Coimbatore), The Hindu, on the topic ‘Land as the next asset class: Why plotted developments are leading Tamil Nadu’s Growth’. The firm also intends to go public in the next 7-8 years. Talking about his journey, Mr. Manikandan said, “We were initially mulling options like villas, apartments and luxury real estate and that’s when we found that there were not many players in plotted development.
There were many unorganised players. We wanted to do this in a organised manner, so we bought good land parcels and we did 15 projects in two years.” Plot is good for investment purpose and appreciation is always high, he said. “We were into real estate 6-7 years back also in a very small way. And we knew that plots would work. We do residential plots. We do commercial layouts too. In the next ten days we are launching in Madurai,” Mr. Manikandan said.
The firm aims to be in all tier-2 towns of Tamil Nadu. Talking about emerging trends, he said farm plots are witnessing strong demand in Tamil Nadu. More people are opting for second homes and investing in farm properties. Adissia Developers is now foraying into premium apartments. “We are looking at apartments above Rs.5 crore. This will happen in Chennai,” Mr. Manikandan said.
The BriefWire