NEW DELHI, Apr 13: Realty firm Krisumi Corporation Ltd, a joint venture between Japan’s Sumitomo Corporation and Krishna Group, will further invest around Rs 4,500 crore over the next 6-7 years on its ongoing 33.5 acre luxury housing project in Gurugram.
The company has already invested around Rs 2,500 crore since 2019 to develop this project ‘Krisumi City’, located along the Dwarka Expressway, comprising a total 2,772 units across various phases.
Sumitomo Corporation, a member company of the Sumitomo Group, entered the Indian real estate market in 2018 in partnership with India’s Krishna Group, one of the leading auto component manufacturers. Both partners have an equal stake in the JV.
“We are developing a ‘mini-Japanese city’,” Krisumi Corporation Chairman Ashok Kapur told reporters.
Kapur is Chairman of Krishna Group, which has many joint ventures with Japanese companies in the auto sector.
He said the company had launched the first phase of this project at Rs 8,500 per sq ft and now the Krisumi City commands around Rs 24,000 per sq ft.
“So, this project has achieved a strong value creation for our customers,” Kapur said, adding that there is further scope for appreciation.
Yuji Kato, Co-CEO & Director, Krisumi Corporation, said, “Over the past decade, Krisumi has become a symbol of Indo-Japanese collaboration, driven by a shared vision of excellence. Our approach rests on three pillars: world-class design, meticulous construction management, and a curated lifestyle.”
Over the last 5-6 years, Krisumi Corporation launched four phases of this project comprising around 1,800 units. Now, the company is launching the fifth and sixth phase ‘The Forest Reserve’ totalling nearly 550 units with an estimated revenue potential of around Rs 4,000 crore.
When asked about the deadline to complete the entire project, Kapur said the company has started offering possession for initial phases and around 120 residents are staying in the project, of which 25 per cent are Japanese.
The entire project should get completed by 2032, he added.
On the total investment to develop this project, a company official said it should be between Rs 6,000 crore and Rs 7,000 crore. Out of this, Krisumi Corporation has already invested Rs 2,500 crore in this project and the rest would be infused over the next 6-7 years.
Krisumi Corporation is a debt free company. The internal accrual will be used to meet the project cost.
Kunal Rishi, Chief Operating Officer of Krisumi Corporation, said the demand continues to be strong in Gurugram for projects developed by credible real estate companies.
Ananta Singh Raghuvanshi, President-Sales & Marketing at Krisumi Corporation, said the flat owners have rented out flats at around Rs 100 per sq ft, indicating strong rental returns. (PTI)
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