Over the past 14 years, Address Maker has built a presence in Bengaluru, delivering more than 7 million sq ft across residential, commercial and plotted developments. As the company enters its next phase of growth, it is looking to expand into new markets while retaining its focus on professional management, financial discipline and customer trust. In this interaction, Khushru Jijina, Principal Shareholder, Address Maker, discusses the company’s growth strategy, partnership model and plans for Mumbai.Address Maker describes itself as a professionally managed real estate company. What does that mean in practice — particularly in terms of the role of the shareholders, the professional leadership team and the way the company is governed and run?To my mind, Address Maker is one of the very few professionally managed real estate companies in India. As shareholders, our role is to provide the direction, set the broad targets and ensure that the organisation’s culture, performance and governance remain strong. The authority and responsibility to run the business, however, rests with the professional management team.We have deliberately built the organisation this way because we believe a business has to be able to operate through systems, people and accountability, rather than depending on individual shareholders being involved in every decision.We have therefore brought in experienced professionals across leadership functions and given them the authority to run the business within the framework of the objectives we have set.For me, that is what professional management means — shareholders provide direction and oversight, while professionals have the responsibility and authority to deliver.Before looking at the next phase, take us through the Address Maker journey. What has the company built over the last 14 years, and where does the business stand today?Address Maker was established 14 years ago with Bengaluru as its core market. Over that period, we have delivered more than 7 million sq ft across residential, commercial and plotted developments, including two townships.Today, we have approximately 3 million sq ft under development in Bengaluru. So, there is both a strong track record behind us and a significant pipeline ahead.We have worked across different real estate formats, and that experience has helped us understand land, product, customers and execution from different perspectives.The next phase is about taking that experience and building a larger, more institutional organisation around it.Address Maker follows an asset-light, partnership-led model with a significant focus on joint developments. What makes a landowner choose Address Maker as a development partner?For us, a landowner is not simply someone from whom we acquire land. It is their land, and we need to respect that. We look at landowners as partners in creating value.We are known today in the market for being fair and transparent in our dealings. We believe the relationship has to work for both sides, particularly in a joint development model where the relationship continues throughout the life of the project.One very important aspect of our business, which many people tend to forget, is financial closure. Before we start any project, we always ensure that the financial closure is in place from Day One. That gives confidence not just to the landowner, but also to our customers and other stakeholders.Over time, that transparency, reliability and financial discipline have become important differentiators for us. People come back to you when they know how you work and trust you to honour your commitments.Apollo Address is one of Address Maker’s recent launches. What does the project tell us about the way you identify an opportunity, structure it and take it to market?Apollo Address is a good example of everything I have mentioned earlier. It is a plotted development under a joint development model.Right from Day One, all the work like approvals, design and other aspects was done by us. We also invited the landowners to give their views at every stage. We believe that is important because it is their land, and they should have a voice throughout the development process.We also ensured that the entire funding was in place before we launched the project. Financial discipline is important to us because we don't believe in starting a project and then figuring out how to fund it.Address Maker is known for its quality and design, and with Apollo Address, we wanted to take that one level higher — what I would describe as “Address Maker Quality Plus.”The response has been extremely encouraging. Within 15 days of launch, we sold a major portion of the project, making Apollo Address one of Address Maker’s most successful launches to date.For us, this reinforces that when the right product, quality, positioning and financial discipline come together, the market responds.After 14 years, what do you want Address Maker to change as it grows — and what are the things about the organisation that you never want to change?We want Address Maker to be known as a performance-oriented company: more structured, more accountable, with stronger systems and a culture where performance is recognised.What will not change is the culture of family. We eat from the same plate. That is why, as shareholders, we have introduced profit sharing across the organisation, so that everyone, irrespective of role, can participate in the success of the company.When people share in the success, they feel they belong. And belonging is what drives retention, commitment and, ultimately, performance.A company can become more professional without becoming impersonal. That balance is important to us.Every real estate company says the customer is at the centre of its business. What makes you confident that customer trust is actually translating into a competitive advantage for Address Maker?I believe the strongest proof of trust is not what customers say about us, but whether they recommend us to others.More than 20 per cent of our sales come through customer referrals — a strong number in our industry. In Apollo Address, that figure is close to 30 per cent. When a customer recommends you, they are putting their own reputation behind yours. That is more powerful than any advertising campaign.The same trust extends to our landowners and lenders, many of whom return to work with us on new opportunities. These repeat relationships reflect confidence in our integrity, transparency and ability to deliver.When customers refer you, landowners return to you, and lenders back you again, trust becomes more than goodwill. It becomes a competitive advantage.With a strong Bengaluru base, how are you thinking about the next phase of growth — in terms of both the projects you take on and the markets you enter?We continue to see significant potential in Bengaluru, where we are evaluating several projects and expect to close a number of transactions in the coming months.At the same time, we are expanding beyond Bengaluru, with Mumbai already an important part of our next phase of growth. But our approach is not about entering as many markets as possible. We will pursue opportunities where our model gives us a genuine advantage and where we are confident of executing well.Our objective is to scale with purpose, without compromising the discipline that has been central to building Address Maker.Mumbai is a highly competitive real estate market dominated by large developers. Where do you see the opportunity for Address Maker, and what gives you an advantage in that market?We are not entering Mumbai to compete head-on with the largest developers. We see an opportunity in the middle of the market, particularly in projects with GDVs of around Rs 300–500 crore, where there is a meaningful opportunity for a professionally managed developer to create value.This is an interesting segment because larger developers typically focus on bigger-ticket projects, leaving a gap in the Rs 300–500 crore segment. Smaller developers, meanwhile, may lack the financial strength and institutional capabilities to execute projects of this scale. Address Maker is well positioned to bridge that gap.Our model gives us an advantage because we look at the entire transaction carefully and aim to achieve financial closure before we commence execution. We also bring experience in plotted development, which opens up opportunities in the peripheral markets around Mumbai.The proof of the pudding is that we entered the Mumbai market only six months ago and have already closed two deals in city-centre locations. We are also hopeful of concluding some deals for plotted development very soon.We believe this creates a sweet spot for Address Maker where our scale, financial discipline, development expertise and professional management can come together.If we come back to you five years from now, what would make you feel that Address Maker has truly succeeded in its next chapter?For me, success will not be defined only by how big Address Maker becomes.Of course, I would like to see the company grow significantly, build a strong presence across markets and create a larger portfolio of successful developments.But equally important is what we build behind that growth. I would like Address Maker to be known as a company that is professionally managed, financially disciplined and, most importantly, trusted by its customers, landowners, employees and partners.I would like our people to feel that they are part of the success of the organisation. I would like our land partners to know that we are fair and transparent. And I would like our customers to feel confident recommending us to someone they know.If we can achieve scale without losing that trust and culture, then I would consider that a successful next chapter.