NEW DELHI: Japanese conglomerate Sumitomo Corp has announced USD 2 billion township project in Gurgaon as it forayed into Indian real estate sector in collaboration with local partner Krishna Group.
The 50:50 joint venture, Krisumi Corporation Pvt Ltd is to build 5,000 flats, shopping mall, office space and educational institution .The project, will be developed in phases, the two partners announced at a media round table.
Krishna Group, a diversified business house has interests in auto components, media, travel, and entertainment seating. The Krisumi City, as the project is called, has been developed by the world-renowned Japanese design firm Nikken Sekkei, the name behind the famed Tokyo Sky Tree.
“I want to create a Japanese city here…The first phase will comprise 1.2 million square feet of built-up, consisting of 430-450 apartments and will be completed in 4-5 years,” said Ashok Kapur, Chairman, Krisumi Corp. –PR Newswire
