Krisumi Corporation, a joint venture of Japanese firm Sumitomo Corporation and Indian auto components firm Krishna Group, will invest Rs 300 crore in phase 2 of the 30.38-acre housing project “Krisumi City” in Sector 36A, Gurugram, according to a senior official.
Both partners funded the initial capital, and the company expects to earn Rs 500 crore from it. The company has set a revenue target of Rs 1,200 crore for the financial year 2023-2024. The company begin delivering phase 1 possession in January 2024 and is also planning for 3 and 4 phases.
The company has sold a total of 322 luxury apartments as part of Krisumi phase 2 in just three days. The first phase spread in 5 acres, was completed in 2021.
“We intend to begin Phase 3 and other projects in the near future,” said Ashok Kapur, Chairman of the Krishna Group.
The luxury apartments are priced between Rs 1.47 crore and Rs 1.92 crore. The price per square foot is roughly Rs 16,000 per square feet.
“Our customers have responded positively with the second phase launch.” “We received 750 cheques as opposed to the 322 apartments we are offering,” stated Mohit Jain, Managing Director of Krisumi Corporation.
Krisumi Corporation has begun work on the second phase of the “Krisumi City” project, and hopes to complete within the next four years.
“We observed a significant demand for luxury housing units of smaller size,” stated Vineet Nanda, Director of Sales and Marketing at Krisumi Corporation.
To manage the residential apartments, the business is also establishing a hospitality sector. It will construct a separate clubhouse for each phase.
Sumitomo Corporation has completed over 300 projects in Japan, the United States, China, and Indonesia, and this will be their first major investment in India.
Source-ET
