One of the most prominent sectors for investment, the real estate industry is amongst the biggest contributors to India’s GDP. The stress towards rapid-urbanization, increasing incomes and overall economic growth are the drivers of real-estate demand in the country. Between the years 2009 to 2018, the sector attracted institutional investments to the tune of 30 billion USD.
The industry is predicted to grow with the emergence of numerous positive trends augmenting its demand in economy. Having said that, there is a massive and undeniable gap in the industry, with respect to the levels of professionalism and ethics of doing business. Such drawbacks are challenging the consumer’s faith and willingness to invest in the industry altogether. Also acting as roadblocks to growth, cultural issues like these are impeding the industry from reaching its full potential.
Rationale – Real estate companies have traditionally operated with an ill-defined set of guidelines, outlining the company’s professionalism and work ethics expectations. In addition to this, different developers have different opinions on what all falls under the ambit of professionalism and work ethics. Instances of unscrupulous builders duping stakeholders with false promises, misleading advertisements and quick-buck making schemes are abundant in news. Such cultural-shortcomings coupled with the promoter-driven nature of real estate companies has been the genesis for the abysmal state of professionalism and lack of ethics in the industry.
The resulting huge gap in industry for credible, trustworthy and dependable developers in real estate has led to the inception of Krisumi Corporation, a joint venture between Sumitomo Corporation, Japan and Krishna Group, India. Krisumi Corporation is poised to change the face of real estate industry with its commitment to quality, efficiency and timely delivery of real estate projects.
One of the parent company is Sumitomo Corporation and it’s part of the Sumitomo Group that was founded back in 1615. Sumitomo Corporation has successfully delivered over 300 world class projects in the past five decades, across Japan, USA, China and Indonesia, for residences, offices and commercial spaces. A legacy that spans over 400 years with a diverse portfolio, Sumitomo Corporation has retailed in excess of 30,000 condominiums in Kansai and also in the metropolitan area in Tokyo over the last 40 years. The company already operates more than 330,000 sq. metres of office space in Osaka and Tokyo with a strong presence in the office building division.
Gurugram-based Krishna Group is the second business partner in Krisumi. It is a 25 year-old business conglomerate with diversified interests in auto components, real estate, media and travel related services. One of the largest auto component manufacturers in the country. Serving marquee clients around the world with a vision of crossing the billion dollar mark in sales by 2020-21, Krishna Group was awarded the Deming Award (2005) for implementing Total Quality Management in its business, philosophy and management practices.
Implementing the traits of professionalism into practices often necessitates a high level of commitment from the developer. Delivering the best quality in the slated time and conditions also necessitates a high level of excellence – Going above and beyond the basic requirements to ensure minimal deviations in execution from the plans.
Krisumi Corporation has a legitimate claim of commitment to stakeholders, as one of its parent company has a 400-year old legacy. The high-levels of professionalism in Krisumi Corporation and the proven quality records of both its founding partners assures buyers of project delivery as per schedule. Transparency, honesty and responsibility are common traits that fall under the ambit of the professionalism at Krisumi. The work ethics are such that they ensure the completion of tasks in a timely manner, and with the highest quality achievable. At Krisumi, the benchmarks for succeeding with professionalism include financial discipline, a process driven management practices, high-level of commitment and good work ethics.
Recent changes in regulation (RERA) and market correction forces have prompted many companies with the dilemma of either mending their ways or going out of business. Many real estate companies are trying to change with the changing nature of demand. Consumers are much smarter today and are not investing in projects offered by traditionally operated companies. These are the tough questions that every real estate company is being faced with today. Fortunately, one does not have to ponder on such questions with Krisumi – Whether the real estate investment would stay secure and deliver dividends? Or would the project get completed in time? With a legacy that spans over 400 years, Krisumi Corporation undoubtedly provides for a stress-free and rewarding investing experience.