Krisumi Corporation, a collaboration between Japanese conglomerate Sumitomo Corporation and Indian auto components firm Krishna Group, is aiming for a revenue of INR 1,200 crore in the fiscal year 2023-24, according to Managing Director Mohit Jain. The company intends to deliver phase 1 possession starting in January 2024 and is also making plans for the 30-acre project's phases 2 and 3.
“We will launch phase 2 within a month, but for phase 3, we will wait till the end of this year. We want to focus on the Dwarka Motorway micromarket in Gurgaon as the infrastructure project has really pushed the demand,” Jain said.
Situated in Sector 36A of Gurugram, the integrated township covers a total area of 30 acres in collaboration with the joint venture, while Jain is actively procuring land.
"We believe there will always be inherent demand for a good real estate state project. People look for quality space, and the pandemic has increased that demand," Jain said. With approximately 30 acres of land under the joint venture, Krisumi Corporation has already developed the first phase, spanning 5.6 acres and featuring 433 apartments.
The second phase is planned for a 3-acre area, while the subsequent two phases will be larger in scale, thanks to the company's utilisation of Transit Oriented Development (TOD), which permits additional area for development. “Even if we are not able to do Rs 1,200 crore in FY23–24, we will do Rs 2,500 crore from FY24–25 onwards as the next phases will be bigger. And as the Dwarka Expressway gets inaugurated, there will be a continuous increase in demand,” said Jain.
The company is also creating a hospitality vertical to manage the residential apartments. It will develop a separate clubhouse for all phases. “Homebuyers these days want everything to be managed by a professional agency. We will have our own staff managing the clubhouse, which comes with all the modern amenities,” said Jain. Sumitomo has delivered over 300 projects across Japan, the USA, China, and Indonesia, and this will be their first major investment in India.
