Sumitomo Corporation, the noted business conglomerate from Tokyo, is planning to establish its joint venture with a company in India for developing integrated township projects throughout India as per the latest reports. The company is currently in advanced talks with regard to finalizing structural aspects of the upcoming JV (joint venture). The first project could be an integrated township and a condominium project. This will be the first foray by a Japanese company in the Indian real estate.
Sumitomo Corporation is aiming at developing big ticket housing projects in India without being limited to any specific region. Sumitomo Corporation is a part of the Sumitomo Group which has a legacy of 400 years and it has already 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 runs more than 330, 000 sq. metres of office space in Osaka and Tokyo and has a strong presence in the office building division.
The real estate and construction business of the Sumitomo Corporation is one of the biggest developers, investors and managers for retail, residential and office properties along with mixed-use urban redevelopment ventures in Japan. 100% FDI is presently allowed for India in the construction development category inclusive of housing projects, townships, real estate broking services and built-up infrastructure. Global real estate developers, particularly leading Chinese players like the Wanda Group have also been displaying a keen interest in the Indian realty sector. Most of these companies have long-term ambitions of developing big ticket projects throughout India.
Sumitomo Corporation also has commercial interests in segments like lifestyle, media, infrastructure and environment projects, energy and chemicals, construction and transportation, mineral resources and others apart from real estate. There are business interests of the company in the retail industry and supermarkets via Summit Stores, drugstores via the Tomod brand run by Sumisho Drugs and cinemas via the United Cinemas brand. The Group also has an active presence in businesses like brand management and cable television.
