By Suvendu Banerjee

The India-Japan love story has been growing steadily over the last few decades. Maruti Suzuki, the impressive Delhi Metro, the Delhi- Mumbai industrial corridor and the Mumbai-Ahmedabad bullet train project are just a few examples. Hitachi has had an association with India in various sectors, including fintech, for nearly 90 years. From Shinzo Abe, who launched the bullet train project along with Narendra Modi, to Fumio Kishida, the current PM of Japan who recently visited India, leaders from both sides have joined hands to deepen bilateral ties. Japan, the fifth-largest investor in India, with 115 of its top companies currently operating in India, will invest over $42 billion here over a period of five years.

In Gurgaon, near the international airport, the first Indo-Japanese real estate joint venture – Krisumi Waterfall Residences – is coming up as an embodiment of fine living. It is a joint venture of the leading Japanese Fortune 500 Sumitomo Corporation and the Indian automotive component behemoth Krishna group. The unique project is rapidly emerging to be the gold standard, when it comes to homes of quality, repute and unprecedented craftsmanship. Krisumi is an equal partnership 50:50 joint venture between Sumitomo Corporation of Japan and Krishna group in India. Sumitomo will soon be joined by other great Japanese companies, Marubeni and Mitsubishi, who are venturing into real estate in India. 

As a part of the 400-year-old Sumitomo group, the project embraces the Japanese heritage of technology and constant quest for perfection. The Japanese giant has successfully delivered about 350 world-class projects across the US, China, Japan and Indonesia. Headquartered in Japan, Sumitomo Corporation has a presence in 111 locations overseas and 20 locations in Japan. With 900 companies within its fold, Sumitomo Corporation group employs over 75,000 personnel. Krishna group – a Rs5,000 crore organisation – was set up over a quarter century back and has diversified business interests in auto components manufacturing, real estate and travel services.

Krisumi City

Nikkei Sekkei, the top architectural, planning and engineering firm also from Japan and the name behind the famed Tokyo Skytree, has designed the ambitious project and its construction by Tata Projects is in full swing. Tata Projects ranks among the fastest growing infrastructure companies, with expertise in executing complex projects across the globe. The entire project, Krisumi City, is on a 65 acre land parcel in Gurugram and phase 1 of the project has an allocation of about six acres for about 433 apartments, which is expected to be ready by end 2023/ first half of 2024. Krisumi Corporation had tied up with global real estate brokerage firm Savills India to attract customers from other countries for this project.

“It is not just a coming together of the corporations, but a seamless and perfect blend of values that they stand for,” informs Ashok Kapur, chairman, Krishna group and Krisumi Corporation. The development cost of the 65- acre project is estimated to be over Rs10,000 crore through sources such as contribution from promoters, interest accruals and institutional funding. Mohit Jain, managing director, Krisumi Corporation, has pointed out that, following huge demand, Krisumi Corporation has entered the league of Rs400 crore club and the company has already announced a hike in prices.