New Delhi, Feb 22 (IANS) Marking its entry into Indian real estate sector, Japanese major Sumitomo Corporation and Krishna group on Thursday announced the launch of their real estate joint venture, Krisumi Corporation with an investment of $2 billion.
The new venture would be a 50:50 partnership, the company said in a statement.
Krishna Group is an India-based automotive component manufacturer and Sumitomo Corporation is a Japan-based company with real estate among its core businesses.
“The joint venture, Krisumi Corporation, will develop large scale real estate projects across India beginning with over 18 million sq ft ‘Krisumi City’ which will be developed at a cost of $2 billion,” it said.
The project, Krisumi City would be built at Sector 36A, Gurugram, and the company has bought around 65 acres of land for the project, Ashok Kapur, Chairman, Krishna Group said.
“Construction of the project is likely to start this year,” he said, further adding that, the company has applied for registration with the Real Estate Regulatory Authority and the the process is likely to be completed in the next few days.
Regarding the price level of the apartments in the proposed project, he said, the prices have not been determined as the cost and other factors would have to finalised.