Torbit Spotlight 28 May 2023

Krisumi Sells  322 Luxury Suites

Realty firm Krisumi Corporation, a joint venture between India’s Krishna Group and Japan’s business conglomerate Sumitomo Corporation, has entirely sold 322 luxury suites (apartments) within three days of the launch in the second phase of its  Krisumi City project  in Gurugram.

The company is developing its maiden 30.38-acre housing project “Krisumi City” at Sector 36A, Gurugram. The project enjoys a prime and strategic location right on the bustling Dwarka Expressway. The first phase, which was spread over 5 acres, was launched in 2021.

After the successful launch of the first phase, the company launched 322 luxury suites- Waterfall Suites in the second phase . Each suite consists of one room, living and drawing space, and a kitchen (1 LDK/1 LDK + 2T).

The project is inspired by the serene Shiraito Waterfall, located near Mount Fuji in Japan. The design of Waterfall Suites weaves in elements of the stream, thread, and calmness of water into a graceful facade. The waterfall represents the versatility of formless things within our world while being the epitome of simplicity and purity. Shiraito no Taki is the landscape theme of the project which has been interpreted at several places, and incorporated into the design itself.

Krisumi Corporation received an overwhelming response from the customers and all the units were sold within three days of launch (May 20 – May 22). The units are priced in the range of Rs 1.47 crore to Rs 1.92 crore. The per square feet rate is approx. Rs 16,000 per sq. ft.

According to Ashok Kapur, Chairman, Krishna Group every aspect of the second phase has been meticulously planned to  provide seamless and timely delivery, 

The confidence in the Krisumi group, the project’s distinctive design and theme, and its advantageous location form a compelling proposition that appeals to buyers and investors seeking both quality and long-term value in their real estate, says Mohit Jain, Managing Director, Krisumi Corporation. Adds Vineet Nanda, Director, Sales & Marketing, Krisumi Corporation, “The overwhelming response serves as a testament to our ability to identify and meet the demands of the modern real estate landscape, ultimately contributing to the success of the project,”

Krisumi Corporation has commenced construction on the second phase of the project and is committed to completing it within the next four years.The first phase of the Krisumi project is also on track to be delivered well within the timeline. The plans to launch the third phase of the projects are also underway.

DLF Eyes Rs 20000 Crore Potential Sales

Riding high on the robust sales performance in FY 2023, India’s largest developer, DLF is eyeing sales potential of Rs 20000 Crore in FY 24. And to achieve this target, the company plans to launch 11.2 million square feet of residential space including luxury real estate in the current financial year, well monetising its land parcels, besides identifying potential land acquisitions in Gurgaon, Chandigarh, and Chennai.

DLF has capitalized well on improving demand trends in Gurgaon by offering a wide array of projects at different price points. Considering that the company has already launched about 10 million sq ft of products this year, adding almost 15000 crores in sales potential, the targeted sales potential of Rs 20000 crore looks quite achievable. The company’s consolidated revenue for the fourth quarter stood at Rs 1576 crore while for the financial year, the topline was Rs 6012 crore. The full year new sales for FY 23 topped Rs 15000 crore, doubling the previous year figure. By the end of FY 23, DLF’s residential business recorded new sales bookings of Rs 7273 crore, registering a YoY growth of 136%.

Considering the overall increase in demand for the luxury housing and the company’s remarkable sales performance in this segment, the company is very much banking on luxury housing to meet Rs 20000 crore sales potential. The company’s luxury project-The Arbour in Gurgaon ‘ clocked a record new sales bookings of Rs 8000 crore in the pre-formal launch phase. Capitalizing on this gain, DLF has decided to launch 5 million sq ft of luxury housing out of the total of about 11 million sq ft of new launches in FY 24. As the things stand, DLF expects luxury housing to have a 60% share of its total residential sales.

Group 108 to Foray Into NCR, Plans Investment of Over Rs 2000 Crore

The managing partners of Grandthum, an under-construction IT/ITES project located in Greater Noida West, have decided to foray into real estate development with a new brand- Group 108. They will complete their maiden project, Grandthum under the new brand name and have announced to invest over Rs 2000 crores to develop new projects in the NCR.

With a family legacy of three decades in real estate, development, the two brothers- Dr amish Bhutani and Sanchit Bhutani would be heading the new brand. Together, they have been successfully developing 23-acre Grandthum project with a built-up area of 40 lakh sq ft, having a unique mix of retail, office spaces and entertainment under one roof. It features a 3-acre water body with a yacht, plush dining spaces, studio/service apartments and a multiplex.

Group 108, according to its Managing Director, Sanchit Bhutani, will adopt a holistic approach to new-age real estate- amix of modern technology and a focused approach towards offering lifestyle and sustainability to ensure full customer satisfaction and higher returns on investment.

Group Managing Director, Amish Bhutani says that as they had signed an MoU to invest Rs 2000 crore at the   U.P  Investors Summit , the company will be coming up with two more commercial projects in Noida and Greater Noida which offer great connectivity and proximity to Jewar International airport.

Brookfield, GIC to Co-invest USD 1.4 Billion in Real Estate 

Brookfield India Real Estate Investments Trust and the Singapore government’s soverign wealth fund will together invest USD 1,4 billion to acquire commercial real estate in Mumbai and Gurugram. Brookfield India REIT and GIC will acquire two large commercial assets totalling 6.5 million sq ft from Brookfield Asset Management’s private real estate funds in an equal partnership. The acquisition includes commercial properties in Brookfield’s Downtown Powai, Mumbai and Candor Techspace , Sector 48 Gurugram for a combined enterprise value of USD 1.4 billion.

The transaction will increase the gross asset value of Brookfield India Real Estate Trust to USD 3.5 billion and the net asset value to USD 2 billion. With a 35% increase in total leasable space and a 44% increase in operating area, the acquisition considerably scales up the Brookfield India REIT portfolio. According to GIC, these acquisitions will addto diversification of GIC’s global office portfolio.

8 New Cities to Come up in India

The government is working on a plan to develop 8 new cities to alleviate population burden on the existing urban centres and to check haphazard expansion on the outskirts of existing cities, affecting planned development. This follows the report of 15th Finance Commission in which it had recommended setting up of new cities. The centre will play a major role in setting up these cities.

According to M.B Singh, Director of the G 20 unit of the Union Housing and Urban Affairs Department, after Finance Commission’s recommendation, states sent proposals to the central government for 26 new cities and after a scrutiny, 8 new cities are being considered for development

The financial roadmap for setting up new cities has not been finalised as yet. The financial outlay and location and development timelines of the new greenfield cities will be announced later by the government.

Birla Estates to Develop Rs 3000 Crore Project in Bengaluru

Birla Estates, the real estate arm of the Birla group has acquired 28.6-acre land on Sarjapur Road in Bengaluru to develop a housing project with an estimated sales potential of Rs 3000 crore. The proposed development will be largely residential with convenience retail options.

Birla Estates which developes premium residential housing in key markets through joint developments and outright purchases, has chosen to develop a mega residential project on Sarjapur Road as this region has a potential to be developed as an IT hub, with great scope for modern lifestyle housing for IT professionals.

This development will serve as part of expansion plans of Birla Estates which recently bought land in Pune to develop a Rs 2500 crore housing project.