Japanese conglomerate Sumitomo Corp today announced USD 2 billion township project in Gurgaon as it forayed into Indian real estate sector in collaboration with local partner Krishna Group. The 50:50 joint venture, Krisumi Corporation Pvt Ltd will build 5,000 flats, shopping mall, office space and educational institution at 65-acre land in Sector 36-A, Gurgaon abutting the Delhi-Mumbai industrial corridor's Global City. The project, which will have a total built-up area of 18-18.5 million square feet, will be developed in phases, the two partners announced at a media round table today. "I want to create a Japanese city here...The first phase will comprise 1.2 million square feet of built-up, consisting of 430-450 apartments and will be completed in 4-5 years," said Ashok Kapur, Chairman, Krisumi Corp. Krishna Group, a diversified business house with interests in auto components, media, travel, and entertainment seating, owns the 65-acre land parcel where the mini-township will be built, said Kapur, who is also the head of the Group. The 'Krisumi City', as the project is called, has been developed by the world-renowned Japanese design firm Nikken Sekkei, the name behind the famed Tokyo Sky Tree. It would offer quality high-rise residential options across various sizes and budget.
