Japanese giant to build condos in India

Japanese conglomerate Sumitomo Corporation is set to become the first Japanese company to build condominiums in India.

The group has partnered with India’s Krishna Group to build part of phase 1 of a huge, 5,000-home development planned in the northern Indian city of Gurugram (also known as Gurgaon), a growing business hub about 30km southwest of New Delhi.

To capitalise on an expected rise in middle-class demand for housing, the pair have formed an Indian business, called Krisumi Corporation, to construct two 35-storey condominium towers with a total of 433 housing units on a site of approximately 2.1 hectares.

Estimated to cost approximately $150m (16 billion yen), the 117,000-sq-m twin tower scheme is scheduled for completion in 2021, Sumitomo said in a press notice last month.

Sumitomo will consider more projects with the Krishna Group for subsequent phases of the Gurugram mega-development.

This plan is to build 5,000 housing units and office buildings over a total of eight phases on a site of about 26 hectares.

In recent years India has seens an expansion in its middle class, and housing demand is expected to rise. Gurugram is a newly emerging city located in the Delhi capital area that is seeing new office buildings and high-rise condominiums going up one after the other as foreign corporations and major IT companies have congregated locally.

Image: Artist’s render of the completed mega-development in Gurugram, India (Sumitomo)

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