Krisumi Corporation, will invest Rs 300 crore to develop around 4,00,000 sq. ft. as part of phase-II of the 30.38-acre housing project 'Krisumi City' in Sector 36A, Gurugram. A collaboration between Japanese conglomerate Sumitomo Corporation and Indian auto-components firm Krishna Group, the company is set to achieve Rs 500 crore revenue from it.

The construction has commenced on the second phase of the project comprising luxury housing units of smaller size and is hopeful to complete it within the next four years.

The company intends to deliver phase-I possession starting in January 2024 and is also making plans for phases-III as well, with a separate clubhouse planned for all phases. It also plans to start a hospitality vertical, to manage the residential apartments.

The first phase, spread over five acres, was launched in 2021 with units ranging between Rs 1.47 crore and Rs 1.92 crore.

For Sumitomo, which has delivered over 300 projects across Japan, the USA, China, and Indonesia, it will be its first major investment in India.