Krisumi Group plans to invest ₹2,000 crore on a luxury project comprising 1051 apartments in Gurugram - Hindustan Times
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Krisumi Group plans to invest 2,000 crore on a luxury project comprising 1051 apartments in Gurugram

Jun 24, 2024 06:57 PM IST

Krisumi Group expects a revenue realization of ₹4000 crore from the luxury real estate project in Gurugram

NCR-based Krisumi Group, a joint venture between Krishna Group and Japan's Sumitomo Corporation, intends investing close to 2000 crore on a luxury project in Gurugram, the company said in a statement. 

The investment will be for Phase 3 and Phase 4 of Krisumi City comprising 1051 luxury units in Sector 36A, Gurugram, Haryana. The investment is in addition to the land cost, it said.

Krisumi Group, a joint venture between Krishna Group and Japan's Sumitomo Corporation, intends investing close to <span class='webrupee'>₹</span>2000 crore on a luxury project in Gurugram
Krisumi Group, a joint venture between Krishna Group and Japan's Sumitomo Corporation, intends investing close to 2000 crore on a luxury project in Gurugram

The project has a total developable area of 2.3 million square feet (built-up area).

Also Read: Paras Buildtech launches luxury housing project in Gurugram; to invest 490 crore in the project

Spanning 5.88 acres, 'Waterside Residences' and 'Waterfall Suites II' will feature four towers with 1-BHK, 2-BHK, 3-BHK, and 4-BHK penthouses ranging from 940 sq. ft to 10,316 sq. ft. The project will have a total developable area of 2.3 million square feet (built-up area).

Club to be built at a cost of 350 crore


In addition, Krisumi will develop a state-of-the-art club spread over 2 acres, with a built-up area of approximately 1,60,000 square feet in Sector 36A, Gurugram, entailing an investment of 350 crore, the company said.

"We have redefined luxury in Gurugram's housing market by bringing high-end living into smaller sizes, a rarity in the NCR region," said Mohit Jain, Managing Director, Krisumi Corporation.

Also Read: Delhi-NCR saw 29 land deals for approximately 314 acres closed in FY-24; Gurugram leads with 22 land deals

"We received 1024 expressions of interest to buy, for our 1051 apartments available, all in a single day. We are now in the process of selecting buyer profiles for allotment. The current market trends show a significant shift towards larger, luxury apartments post-pandemic. We are confident in achieving a total revenue realization of 4000 crore," said Vineet Nanda, director, sales and marketing, Krisumi Corporation. 

The funding for the project will come from a mix of equity contribution, sales proceeds, and internal accruals, the company said.

"Our partnership with Krishna Group reflects our shared vision of creating world-class living spaces in India. The success of our previous phases and the overwhelming response to our new launch reaffirm our belief in the potential of the Indian real estate market," said Yuji Kato, director and co-CEO, Krisumi Corporation.

Also Read: EaseMyTrip co-founder buys commercial property in Gurgaon worth 100 crore

The company received its RERA approval earlier this year. Construction activity commenced last month and the project is scheduled for completion by December 2029.

 

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