Krisumi Group plans to invest ₹2,000 crore on a luxury project comprising 1051 apartments in Gurugram

NCR-based Krisumi Group, a joint venture between Krishna Group and Japan's Sumitomo Corporation, intends investing close to ₹2000 crore on a luxury project in Gurugram, the company said in a statement. 

The investment will be for Phase 3 and Phase 4 of Krisumi City comprising 1051 luxury units in Sector 36A, Gurugram, Haryana. The investment is in addition to the land cost, it said.

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

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Spanning 5.88 acres, 'Waterside Residences' and 'Waterfall Suites II' will feature four towers with 1-BHK, 2-BHK, 3-BHK, and 4-BHK penthouses ranging from 940 sq. ft to 10,316 sq. ft. The project will have a total developable area of 2.3 million square feet (built-up area).

Club to be built at a cost of ₹350 crore

In addition, Krisumi will develop a state-of-the-art club spread over 2 acres, with a built-up area of approximately 1,60,000 square feet in Sector 36A, Gurugram, entailing an investment of ₹350 crore, the company said.

"We have redefined luxury in Gurugram's housing market by bringing high-end living into smaller sizes, a rarity in the NCR region," said Mohit Jain, Managing Director, Krisumi Corporation.

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"We received 1024 expressions of interest to buy, for our 1051 apartments available, all in a single day. We are now in the process of selecting buyer profiles for allotment. The current market trends show a significant shift towards larger, luxury apartments post-pandemic. We are confident in achieving a total revenue realization of ₹4000 crore," said Vineet Nanda, director, sales and marketing, Krisumi Corporation. 

The funding for the project will come from a mix of equity contribution, sales proceeds, and internal accruals, the company said.

"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.

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The company received its RERA approval earlier this year. Construction activity commenced last month and the project is scheduled for completion by December 2029.