Sumitomo Corp, Krishna Group announce real estate JV

Japanesefirm Sumitomo Corporation today announced its entry into the Indian real estate sector through a joint venture with Krishna Group, a diversified Indian group with interests in auto components, media, travel and entertainment seating.
The joint venture, Krisumi Corporation Pvt Ltd, will develop large scale real estate projects across India beginning with Krisumi City, an 18-million sq ft development which will be developed with a cost in excess of USD 2 billion. Both partners will hold 50:50 stake in this JV company, Krishna Group said in a statement.
Announcing the foray, Masahiro Narikiyo, CMD, Sumitomo Corporation India, said in the statement: we believe that there is a huge vacuum for quality housing backed by a name that the buyers can trust. Which is why, we are extremely excited about this new venture with our partner, Krishna Group, which we believe embodies all the qualities that arerequired to succeed in todays environment.

Located in Sector 36 A, Gurugram, abutting the Delhi - Mumbai Industrial Corridors Global City and right at the confluence of southern peripheral road, NH-8, Central peripheral road and the Dwarka expressway, Krisumi City will be designed with the highest standards of Japanese quality and aesthetics, it said.
The master plan and architectural design of Krisumi City has been developed by world renowned Japanese design firm NIKKEN SEKKEI, the name behind the famed Tokyo Sky Tree. The project has been designed based on the lifestyle aspirations of the potential buyers and would offer quality high-rise residential options across various sizes and budget segments, along with synergetic support from a high-end retail mall, a super premium hotel (5 star+ rating), education institutions, and premium office spaces.

Elaborating on the development, Ashok Kapur, Chairman Krishna Group, said: The biggest challenge facing the Indian real estate industry today is with regard to quality, efficiency and commitment to timelines, all of which is exactly what Japan is known for Japan is already beyond RERA.