Krisumi Group Invests Rs 2,000 Crore in Gurugram Luxury Apartments

New Delhi, Jun 24 (PTI) Realty firm Krisumi Corporation will invest Rs 2,000 crore to construct 1,051 luxury apartments in Gurugram as part of its expansion plan amid strong demand for residential properties.

Krisumi Corporation is a joint venture between Krishna Group and Japan's Sumitomo Corporation.

It is already developing a large luxury township 'Krisumi City' in Sector 36A, Gurugram.

The first phase named 'Waterfall Residences' comprising 433 units is nearing completion, while the second phase 'Waterfall Suites' comprising 320 units, is scheduled for delivery in 2028.

In a statement on Monday, Krisumi said it will "invest Rs 2,000 crore in Phase 3 and Phase 4" of its township, comprising 1,051 luxury units.

This significant investment is in addition to the land cost.

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

In addition, Krisumi will develop a state-of-the-art club over 2 acres, with a built-up area of about 1,60,000 square feet in the township entailing an investment of Rs 350 crore.

"We have redefined luxury in Gurugram's housing market by bringing high-end living into smaller sizes, a rarity in the NCR region. At Krisumi, we see ourselves not just as a real estate company but as a hospitality company aiming to deliver a 5-star lifestyle to the residents of Krisumi City," said Mohit Jain, Managing Director, Krisumi Corporation.

"The current market trends show a significant shift towards larger, luxury apartments post-pandemic. We are confident of achieving a total revenue realisation of Rs 4,000 crore," said Vineet Nanda, Director Sales and Marketing, Krisumi Corporation.

The funding for this project will come from a mix of equity contributions, sales proceeds, and internal accruals.

The construction activities commenced last month, with the project scheduled for completion by December 2029.

"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.