Drawing its strength from the extensive global experience of Japanese corporate giant Sumitomo, Krisumi Corporation, a 50: 50 joint venture between Sumitomo Corporation and Krishna Group, has taken upon itself to create projects that spell quality, efficiency and commitment to timelines, with endearing value for clients. Currently, the company is undertaking its debut project, an 18 msf Krisumi City, spread over 65 acres in Gurgaon, at an investment of $ 2 billion. This mega project features high end retail mall, education institutions, a luxury hotel and premium office spaces, besides residential development. In this interview with Vinod Behl, Vineet Nanda, Director Sales & Marketing, Krisumi Corporation talks about their flagship project, branded homes and the post-covid luxury housing scenario. Excerpts:
Q. Krisumi being a joint venture with Japanese giant Sumitomo, what kind of brand pull does it have on property buyers and on the marketing of luxury homes?
Krisumi means the ‘creation of fine living’. The collaboration of Sumitomo Corporation and Krishna Group was aimed at enthusing trust and offering something exclusive to consumers. Sumitomo Corporation’s deep-rooted culture, strong ethics, a transparent approach, and quality consciousness defining Japanese DNA has been the major brand pull. Our project exemplifies superior construction techniques with adherence to Japanese standards for design, quality and safety which has been our strong pillars to market this project. Apart from that, there is this very unique design concept that we wish to bring in a piece of Japan to India that is contemporary and cutting-edge. It has been very well received by the stakeholders. The modern urban landscape that we are creating will add enduring value not just to the community that resides here but the entire NCR region.
Q. Tell us about your maiden project- Krisumi City and Krisumi Waterfall residences. What are its main features, targeted customers, and USP?
Our flagship project, Krisumi Waterfall Residences, exemplifies the confluence of Japanese art and architecture with Indian aesthetics. Strategically located at Sector 36A along the Dwarka Expressway, Krisumi Waterfall Residences is a part of the larger integrated township called Krisumi City. The first phase, Krisumi Waterfall Residences, comprises 433 units (2, 3 LDK and penthouses), including a 36,000 sqft clubhouse. We have launched three towers – A, B and C. While the first two towers were launched earlier, the third tower was launched during the pandemic. Towers A and B comprise 239 units while Tower C consists of 194 units spread across 34 floors. The top few floors would be reserved for limited edition fully-furnished apartments targeted specifically towards the expatriate community. Construction of all three towers is going on in full swing.
One of the key USPs of the Krisumi Waterfall Residences is the facilities that are being provided. These include-a lavish 2-level fully-equipped residents-only clubhouse, state-of-the-art gym, restaurant, bar lounge, spa and salon, mini-theatre, fine dining, alfresco dining with pool view, tennis court, squash, etc. These are fully integrated with all three residential towers. The project also enjoys a unique distinction of being the first luxe air-conditioned tower lobbies in the apartments of this ticket size. As a part of the larger project, Krisumi City will also feature a high-end retail mall, education institutions, a premium hotel and premium office spaces. We are set to deliver Waterfall Residences much before the promised deadline of mid-2024.
Q. For the last few years, luxury real estate has been experiencing a slowdown. But post- covid, the luxury segment has picked up. How do you see the scenario for luxury real estate unfolding in the next few quarters and what will be the driving factors and new trends?
The decline in average daily cases of Corona and the widening of the vaccination coverage augur well for the quick rebounding of the Indian economy. Business activities have restarted again across the segments and the real estate sector is also witnessing a boost to the sentiment. The COVID-19 has reinforced real estate as a stable and lucrative asset as against conventional investment classes. Commercial realty is grappling with challenges due to extended work from home that will invariably lead to an uptick in demand for residential properties.
With the significance of home gaining wider acceptance, the residential sales are expected to be buoyant by the end of 2021 against the backdrop of low-interest rates and proactive measures such as reduction in stamp duties by several states. Bolstered by strategic location, a spate of infrastructural developments, and a burgeoning millennial population, Gurugram’s residential market will continue to attract interests from both end-users and investors alike. The demand for gated condominiums triggered by pandemic, will continue to rise for safety and security reasons. Extended Work from Home and Online schooling have also led to an increasing need for a dedicated workspace, wellness zone, kid’s room, etc. We foresee that the demand for 2 BHK+ workspace, 3 BHK +workspace homes will continue to grow in the next few years.
Q. How has the induction of new technology and automation impacted /aided the marketing of luxury homes?
The realty sector has adopted smart home practices to better serve the millennials by way of a well-designed customized living space with electrical and home automation solutions for fans, lighting, switches, water, heaters, and related daily home appliances. The user interface comes in a form of a well-equipped smart home app and voice-enabled AI speakers allowing users to give commands. One can imagine the comfort of controlling the entire space from any room of the house or remotely from any place on the planet. This has significantly enhanced the home experience and made life more comfortable, efficient, and secure.
These automation features help in the marketing of luxury homes immensely by giving strength to marketing plans and strategies. These elements attract tech-savvy consumers as they not only promise an enriched lifestyle but also become a status symbol. This has made the marketing of this segment of homes easy.
Q. What according to you will be the road ahead for branded homes?
Timely delivery is a priority for customers today. Developers having a legacy with a robust track record of deliveries and newly-formed entities of large conglomerates are the ones who will rule the roost.
Q. Going forward, what are the business plans of Krisumi, in terms of new launches and expansion into different geographies and real estate segments?
Krisumi, a 50:50 joint venture between the Fortune 500 company Sumitomo Corporation from Japan, and the Krishna Group in India is initially focusing on developing 30 acres project of the 65 acres total land parcel in Gurgaon. The first phase comprises of 433 units, including approximately 36,000 sq ft clubhouse and is expected to be delivered by 2024.
Blurb: The modern urban landscape being created by us, will add enduring value to the entire national capital region.