Sumitomo in JV unveils $ 2-bn realty project

Sumitomo Corporation has formed a joint venture with the Indian auto components major Krishna Group

In view of the huge future business avenues in the country’s real estate sector, Japan-based Sumitomo Corporation has formed a joint venture with the Indian auto components major Krishna Group, to build real estate projects across India. To start with the joint venture, is launching its first project named as Krisumi city with 18 million sqft development in Gurgaon, entailing an investment of $2 billion with equal stake in the joint venture. Krisumi Corporation will develop large scale real estate projects across India. India’s real estate sector is going through an interesting phase, wherein consumer’s expectations have evolved manifold, most of the traditional developers are finding it extremely difficult to effectively cater to their requirements, said Masahiro Narikiyo of Sumitomo Corporation, adding that there is a huge vacuum for quality housing backed by a name that the buyers can trust. The project will be spread over 65 acre in sector 36 A, Gurugram, abutting the Delhi - Mumbai Industrial Corridor’s Global City.