Krisumi Corporation starts construction of ₹650-cr townships

Krisumi Corporation, a joint venture between Japanese Sumitomo Corporation and Indian auto components major Krishna Group, has targeted to invest ₹650 crore to develop the first phase of the 65-acre township, excluding the cost of land, in Gurugram. Akash Khurana, CEO, Krisumi Corporation informed that the JV hopes to complete the project by June 2024, with three towers and 433 apartments with a price of ₹2.5 crore and after investing in designing, the company has started the construction on site. Since the company wants to market its product globally, it tied up with India Sotheby's International Realty. The development of more phases and investment in other real estate projects by the Krisumi will depend on the response of the first phase. The entire township, which is located in Sector 36A in Gurugram, 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.