Krisumi Corporation, a collaboration between Japanese conglomerate Sumitomo Corporation and Indian auto components firm Krishna Group, will invest Rs 300 crore to develop around 400,000 sq ft as part of phase 2 of 30.38-acre housing project “Krisumi City” at Sector 36A, Gurugram, a senior executive said.
Both the partners have put the initial capital and the company is aiming Rs 500 crore revenue from it.
The company has set a target of revenue of Rs 1,200 crore in the fiscal year 2023-24. The company intends to deliver phase 1 possession starting in January 2024 and is also making plans for phases 3 as well.
The company recently launched sold 322 luxury suites (apartments) as part of phase 2 and sold it within three days.
The first phase, which was spread over 5 acres, was launched in 2021.
“we plan to initiate Phase 3 and various other projects in the near future,” said Ashok Kapur, Chairman, Krishna Group.
The units are priced in the range of Rs 1.47 crore to Rs 1.92 crore. The per square feet rate is approximately Rs 16,000 per sq. ft.
“We have witnessed good response from our customers. We received 750 cheques as against 322 apartments that we are offering,” said Mohit Jain, Managing Director, Krisumi Corporation said.
Krisumi Corporation has started construction on the second phase of the project and is hopeful to complete it within the next four years.
“We observed a substantial demand for luxury housing units of smaller size,” said Vineet Nanda, Director, Sales & Marketing, at Krisumi Corporation.
The company is also creating a hospitality vertical to manage the residential apartments. It will develop a separate clubhouse for all phases.
Sumitomo has delivered over 300 projects across Japan, the USA, China, and Indonesia, and this will be their first major investment in India.
Source : ET