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)