Merlin Group to invest ₹10,000cr in Bengal over next 7-8 years
Times of India | 29 October 2024
Kolkata: Merlin Group, a real estate company based in Bengal, plans to invest over Rs 10,000 crore in the state over the next 7-8 years.
The investment will span various sectors, including township development, residential and commercial real estate, retail, hospitality and healthcare. The company also unveiled its new corporate brand identity on Monday.
Managing director Saket Mohta said that the group holds a land bank of 200 acres across Bengal, which will be utilised for multiple projects in the coming years.
To date, Merlin has developed 30 million square feet (3 crore square feet) in the state, while an additional 10 million square feet (1 crore square feet) have been completed or are underway in other parts of India. The company’s current annual revenue stands at Rs 1,500 crore, with a target to increase this to Rs 2,600 crore in the near future.
“In the next few years, we shall develop another 1.5 crore square feet in Bengal and another 50 lakh square feet in the rest of the country. In total, we shall develop around 2 crore square feet,” Mohta said. Merlin Group is planning two additional malls under its Acropolis brand —Acropolis South in Behala and another mall in North Kolkata along BT Road. “We are also planning a health city in Sodepur, which will feature a multi-specialty hospital along with a township,” Mohta added.
As part of the proposed World Trade Centre project in the city, Merlin plans to establish a five-star hotel, office spaces and high-street retail.
Expanding beyond Bengal, Maharashtra is set to be another key focus area for the group. Merlin is currently working on four projects in Pune, comprising a township, a commercial building, a residential complex, and a mixed-use property, totaling 40 lakh square feet.
“In the next five years, we want to be one of the leading real estate players in Pune. After Pune, our target would be Navi Mumbai. Merlin is looking for a 2-2.5 acre land parcel in Navi Mumbai, and we hope in the next 1-1.5 years something would materialise in Navi Mumbai,” Mohta said.