Thursday, Apr 25 2024 | Time 13:00 Hrs(IST)
image
Business EconomyPosted at: Feb 22 2018 6:32PM


First Indo-Japan Real Estate JV to develop projects across India

New Delhi, Feb 22 (UNI) Japanese corporate behemoth Sumitomo Corporation, a Fortune 500 conglomerate, on Thursday announced its entry into the Indian real estate sector through a joint venture with Krishna Group, a diversified Indian group with interests in Auto Components, Media, Travel and Entertainment Seating.
In the joint venture, Krisumi Corporation Pvt Ltd, will develop large scale real estate projects across India beginning with ‘Krisumi City’, an 18-million sq ft development which will be developed with a cost in excess of US$2 billion. Both partners will hold 50:50 stake in this JV company.
Announcing the foray, Mr Masahiro Narikiyo – Sumitomo Corporation, said: ''India’s real estate sector is going through an interesting phase. While consumer’s expectations have evolved manifold, most of the traditional developers are finding it extremely difficult to effectively cater to all their requirements.
''In this backdrop, we believe that there is a huge vacuum for quality housing backed by a name that the buyers can trust. Which is why, we are extremely excited about this new venture with our partner, Krishna Group, which we believe embodies all the qualities that are required to succeed in today’s environment.''
Located in Sector 36 A, Gurugram, abutting the Delhi - Mumbai Industrial Corridor’s Global City and right at the confluence of southern peripheral road, NH-8, Central peripheral road and the Dwarka expressway, Krisumi City will be designed with the highest standards of Japanese quality and aesthetics.
The master plan and architectural design of Krisumi City has been developed by world renowned Japanese design firm Nikken Sekkei, the name behind the famed Tokyo Sky Tree, according to a company statement here.
The project has been designed based on the lifestyle aspirations of the potential buyers and would offer quality high-rise residential options across various sizes and budget segments, along with synergetic support from a high-end retail mall, a super premium hotel (5 star+ rating), education institutions, and premium office spaces.
Elaborating on the development, Mr Ashok Kapur, Chairman – Krishna Group, said: “The biggest challenge facing the Indian real estate industry today is with regard to Quality, Efficiency and commitment to Timelines, all of which is exactly what Japan is known for – Japan is already beyond RERA. We are certain that our partner, Sumitomo Corporation, part of the 400-year-old Sumitomo Group, with their extensive Global experience in real estate development shall contribute tremendously in creating projects with endearing value for our clients as well as the local communities around it.”
This partnership is another successful milestone in the Indo-Japanese collaboration story, which has gained impetus with the confidence and support shown by the political leadership in both the countries.
UNI RSA SHK 1831
Please log in to get detailed story.
Tags: #First Indo-Japan Real Estate JV to develop projects across India
More News
Rupee falls 6 paise against USD

Rupee falls 6 paise against USD

25 Apr 2024 | 12:15 PM

Mumbai, April 25 (UNI) The Rupee on Thursday declined 6 paise at 83.38 against USD in opening session on rising demand for US Dollar by bankers and importers, dealers at the Foreign Exchange said.

see more..
Sensex up 78 points

Sensex up 78 points

25 Apr 2024 | 12:05 PM

Mumbai, April 25 (UNI) The BSE Sensex remained positive for the fifth day in a row on Thursday, advancing 78 points at 73,931.88 in opening session following gains in Financial services, Health Care and Industrials stocks.

see more..

USD, Pound, Euro up ; Yen down

25 Apr 2024 | 9:50 AM

Mumbai, Apr 25 (UNI) Following were the indicative currency rates and travellers' cheques
buying and selling rates.

see more..

Royaloak Furniture launches 14th store in AP; 169th store in country

24 Apr 2024 | 10:05 PM

Bhimavaram (AP), Apr 24 (UNI) Royaloak Furniture, India’s renowned furniture brand, on Wednesday announced the inauguration of a new store here on Wednesday.

see more..

NSE launches derivatives on Nifty Next 50 Index

24 Apr 2024 | 9:16 PM

Mumbai, Apr 24 (UNI) National Stock Exchange of India Ltd (NSE), the world’s largest derivatives exchange for consecutive fifth year in a row in the year 2023 based on contracts traded as published by FIA, launched futures and options contracts on the Nifty Next 50 Index on Wednesday.

see more..
image