Krisumi Corp JV to develop Rs 650 cr realty project in Gurugram
Real estate firm Krisumi Corporation, a joint venture (JV) between India's Krishna Group and Japanese firm Sumitomo Corporation, will develop a 65 acre project in Gurugram over the next 10 years, at an investment of Rs 650 crore for the construction of over 400 flats in the first phase of the project.
Both the companies will have a 50-50 stake in the JV, which was formed in 2018. The JV is developing its first project, spread over 65-acre land parcels, in Gurugram on Dwarka Expressway. The first phase, called ''Krisumi Waterfall Residences'', is spread over 5 acres of land, comprising 433 luxury apartments. The apartments are being sold in the price range of Rs 1.5-3 crore.
Krishna Group has witnessed strong demand from both end-users and investors and expects a further increase in demand with the Dwarka Expressway's completion.
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Sales during the October-December quarter in 2020 were better on pent-up and festive demand, and the momentum has continued in the first quarter of the 2021 calendar year as well, especially for those developers who have a better track record of executing projects on time.
According to a report by housing brokerage firm PropTiger, housing sales fell 47% in 2020 to 1,82,639 units from 347,586 units in the previous year across eight major cities—Delhi-NCR, Mumbai Metropolitan Region (MMR), Ahmedabad, Pune, Chennai, Bengaluru, Hyderabad, and Kolkata.
Krishna Group is one of the leading auto component manufacturers in India. Business conglomerate Sumitomo Corporation, a member company of the Sumitomo Group, has delivered over 300 projects across Japan, USA, China and Indonesia, and now entered the Indian real estate market.