Sumitomo, Krishna Group JV for Gurugram Township

Krisumi corporation, a joint venture between Japanese conglomerate Sumitomo Corporation and Indian auto components major Krishna Group, will invest Rs 650 crore to develop the first phase of the 65-acre township in Gurugram. The investment excludes the land cost. The JV hopes to complete the project by June 2024, with three towers and 433 apartments priced up to Rs 2.5 crore. The joint venture company has secured RERA approvals for the first phase. “After investing time in designing, we have started on-site construction. Since we want to market the product globally, we have tied up with India Sotheby’s International Realty,” said Akash Khurana, CEO, Krisumi Corporation. The company said that the entire township will take 10 years to complete and they are targeting NRIs who are ready to invest in India. Sumitomo has delivered over 300 projects across Japan, USA, China and Indonesia and this will be their first major investment in India. “Having teams across the globe will help us to market the product globally and a lot of NRIs are looking to invest in India if the product is rightly priced and if they can trust the developer,” said Vineet Nanda, Director – New Projects, India Sotheby’s International Realty.