Krisumi Corp sells 322 luxury homes in Gurugram project for about Rs 500 cr

Realty firm Krisumi Corporation Ltd, a joint venture between Japans Sumitomo Corporation and Krishna Group, has sold the entire 322 luxury homes in the second phase of its project in Gurugram for around Rs 500 crore.The company on May 20 launched 322 luxury suites in the second phase of its 30.38-acre housing project Krisumi City on Dwarka Expressway.Sumitomo Corporation, a member company of the Sumitomo Group, entered the Indian real estate market in 2018 in partnership with Indias Krishna Group, one of the leading auto component manufacturers.

Realty firm Krisumi Corporation Ltd, a joint venture between Japan's Sumitomo Corporation and Krishna Group, has sold the entire 322 luxury homes in the second phase of its project in Gurugram for around Rs 500 crore.

The company on May 20 launched 322 luxury suites in the second phase of its 30.38-acre housing project Krisumi City on Dwarka Expressway.

Sumitomo Corporation, a member company of the Sumitomo Group, entered the Indian real estate market in 2018 in partnership with India's Krishna Group, one of the leading auto component manufacturers. Both partners have an equal stake in the JV.

''We recently launched the second phase of our Krisumi City project. We sold the entire 322 units within three days,'' Krishna Group Chairman Ashok Kapur said.

In the second phase, named 'Waterfall Suites', the units are priced in the range of Rs 1.47 crore to Rs 1.92 crore, he said. Each unit consists of one room, a living area, and a kitchen.

The total sales booking value is around Rs 500 crore.

Kapur said the company has sold these flats at about Rs 16,000 per square feet, much higher than the Rs 9,500 per square feet realisation in the first phase that was launched in 2020-21. The first phase, spread over 5 acres, comprises 433 units Kapur attributed the appreciation in capital values to high demand amid restricted supply, besides the acceleration in the speed of construction of the Dwarka Expressway.

''This is the first real estate project of Krishna Group and also the first development of Sumitomo Corporation. Our focus is on timely delivery and quality, even better than what we have promised,'' he added.

Mohit Jain, Managing Director, Krisumi Corporation, said the company received 750 cheques against 322 apartments launched.

Krisumi Corporation has commenced construction in the second phase of the project and will complete it within the next four years. The JV firm plans to develop around 3,000 apartments in the overall 30-acre project in phases.

Kapur said the entire project should get completed by 2030.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)