Krisumi Corporation, a joint venture between Sumitomo Corporation, a Japanese conglomerate, and Krishna Group, an Indian auto components firm, is set to invest Rs 3 billion in the development of approximately 400,000 sq ft as part of the second phase of the "Krisumi City" housing project. This ambitious project, located in Sector 36A, Gurugram, aims to cover a total area of 30.38 acres. A senior executive of the corporation confirmed this investment.

Both partners have already contributed the initial capital, and Krisumi Corporation expects to generate revenue of Rs 5 billion from this endeavour. Furthermore, the company has set target revenue of Rs 12 billion for the fiscal year 2023-24. With the delivery of phase 1 scheduled to commence in January 2024, the corporation is also making plans for phase 3.

Recently, the corporation successfully sold 322 luxury suites (apartments) within three days as part of phase 2. These units are priced in the range of Rs 14.7 million to Rs 19.2 million, with an approximate rate of Rs 16,000 per sq ft. Mohit Jain, the Managing Director of Krisumi Corporation, expressed satisfaction with the response from customers, as they received 750 cheques despite offering only 322 apartments.

Construction for the second phase has already commenced, and the corporation aims to complete it within the next four years. Vineet Nanda, the Director of Sales & Marketing at Krisumi Corporation, noted a significant demand for luxury housing units of smaller sizes.

In addition to the residential apartments, Krisumi Corporation is establishing a hospitality vertical to manage the project. They also have plans to develop a separate clubhouse that will serve all phases of Krisumi City.

While Sumitomo Corporation boasts a track record of delivering over 300 projects across Japan, the USA, China, and Indonesia, this venture marks their first major investment in India.

Also Read
Developers log land purchases worth mn in last 17 months
Government Considering Setting Up 8 New Cities Across India