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Sumitomo Corporation From Japan Opts For A JV To Enter Indian Real Estate Market

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Sumitomo Corporation From Japan Opts For A JV To Enter Indian Real Estate Market

To build integrated township projects across the country, Tokyo-based diversified conglomerate Sumitomo Corporation is set to form a joint venture with an Indian company. An inside person said, The Japanese company is at an advanced stage of finalising the structure of the venture and, as its first project, it may start a large-scale integrated township, including a condominium development.”

 

As per the sources, Sumitomo would develop large-scale projects across the country and not confine itself to any particular region.

 

In Kansai and in the Tokyo metropolitan area Sumitomo Corporation has sold over 30,000 condominiums over the past 40 years. Part of the 400-year-old Sumitomo Group, the company’s office building business operates about 330,000 square metres of office space in Tokyo and Osaka.

 

The office properties, residential, retail, and large-scale mixed-use urban redevelopment projects in Japan are managed and developed by Sumitomo Corporation’s construction and real estate business They are one of the largest investors.

 

Under the automatic route, India currently allows 100% foreign direct investment (FDI) in the construction development segment, which includes built-up infrastructure, townships, housing, and real estate broking services.

 

There are many international developers that have shown interest in the Indian real estate market especially the Chinese developer Wanda Group. Most of these companies are interested in building large-scale projects across the country.

 

Media, lifestyle, transportation and construction, environment and infrastructure projects, mineral resources, energy and chemicals are some of the other business interest of Sumitomo Corporation in addition to its real estate businesses. In the retail industry, it has business interests in supermarkets through Summit Stores, cinemas through United Cinemas, drugstores through Tomod’s brand operated by Sumisho Drugs.

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