Krisumi Corporation Ltd, a 50:50 joint venture between Sumitomo Corporation of Japan and India’s Krishna Group, is expected to spend 60 to 70 percent of its sales revenue on the development of 322 luxury suites in Gurugram, a top company official told Moneycontrol.
The company has sold 322 luxury homes in the second phase of its project in Gurugram — Krisumi City — coming up along the Dwarka Expressway, for around Rs 500 crore, the official said.
The official added that the total sales potential of the 30.38 acre-project is approximately Rs 10,000 crore. The cost of construction, including the land cost, is estimated to be about Rs 7,500 crore.
Sumitomo Corporation, a company belonging to the Sumitomo Group, entered the Indian real estate market in 2018 in partnership with Krishna Group, a leading auto component manufacturer.
"We recently launched the second phase of our Krisumi City project, and sold all 322 units within three days," Krishna Group Chairman Ashok Kapur said.
The residential units, named 'Waterfall Suites,' are priced between Rs 1.47 crore and Rs 1.92 crore, he said, adding that the units have been sold at Rs 16,000 per sq ft. The first phase was launched in 2020 and the price quoted then was Rs 9,500 per sq ft.
“The price appreciation is largely due to the development along the Dwarka Expressway and the upcoming Global City project,” Kapur added.
He said that the company plans to complete the design work of the remaining phases by the end of this year.
“We may launch the third phase at the beginning of next year,” he added.