Krisumi Corporation launches ₹650-cr realty project in Gurugram

Realty player, Krisumi Corporation, a joint venture between Japanese firm Sumitomo and India's Krishna Group, has launched a 65-acre project in Gurugram. The project, which is being built in a phased manner, involves an investment of ₹650 crore on the construction of over 400 flats in the first phase. The company is a business conglomerate of Sumitomo Corporation, a member company of the Sumitomo Group. It has delivered over 300 projects across Japan, USA, China and Indonesia, and has now entered the Indian real estate market. Krishna group is one of the leading auto component manufacturers. Both partners have 50:50 stakes in the joint venture formed in 2018 to build big-ticket real estate projects across India. The JV Company is developing its first project in Gurugram on Dwarka Expressway where the first phase -- 'Krisumi Waterfall Residences' -- covering over 5-acre land and comprising of 433 luxury apartments has already been started. A combination of conducive business climate made an attractive proposition for the company to choose India as its market for expansion.