Krisumi City Project: Real estate company Krisumi Corporation Ltd has announced a whopping investment plan. The company said that it will invest Rs 4,500 crore over a period of 6-7 years.
The funds will be invested in its ongoing luxury housing project in Gurugram, which is spread over an area of 33.5 acres, Krisumi Corporation said in a press release.
Krisumi Corporation has already invested around Rs 2,500 crore in the development of the project since 2019.
Krisumi City Project
The name of the luxury housing project by Krisumi Corporation in Gurugram is Krisumi City.
Krisumi City is located along the Dwarka Expressway and comprises 2,772 units. The project has multiple phases.
Krisumi Corporation is a joint venture between Japan's Sumitomo Corporation and Krishna Group. Sumitomo Corporation is a member company of the Sumitomo Group. Both have an equal stake in the JV.
"We are developing a mini-Japanese city," Ashok Kapur, Chairman, Krisumi Corporation, said.
Sumitomo Corporation entered India's real estate market in 2018 when it announced a partnership with Krishna Group.
Krisumi Corporation had launched the first phase of Krisumi City with Rs 8,500 per sq ft. Krisumi City is now available for around Rs 24,000 per sq ft.
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Over the last 5-6 years, Krisumi Corporation launched four phases of Krisumi City. Now, the company is launching the fifth and sixth phase, 'The Forest Reserve', totalling nearly 550 units with an estimated revenue potential of around Rs 4,000 crore.
Krisumi City Project Completion Date
The entire project, Krisumi City, is likely to be completed by 2032.
Krisumi Corporation is a debt-free company. The company said that internal accruals will be used to fund the new phases of Krisumi City.
