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Merlin Group forays into Pune; to invest Rs 2,000 crore over the next five years

Launches commercial project at Koregaon Park Annexe for which it is investing Rs 120 crore

July 05, 2022 / 10:38 PM IST

Kolkata-based  Merlin Group, on July 5 announced its entry into the Pune realty market with the launch of a commercial project spread across an area of 1.5 lakh sq ft for which it will be investing Rs 120 crore. Overall, the company plans to invest Rs 2,000 crore for the construction of real estate projects spread across an area of 30 lakh sq ft in Pune.

"We are going to invest 2,000 crore in the Pune market in the next few years. Around Rs 120 crore will be invested in our Koregaon Park commercial project where we are constructing 1.50 lakh of commercial space. The per square feet rate here is Rs11,000 to 13,000.

"This will be followed by investing another Rs 500 crore each in Wakad and Barner area where we are constructing over 20 lakh square feet. We will construct 2 BHK and 3 BHK when it comes to the residential segment, " Saket Mohta, managing director, Merlin Group told Moneycontrol.

Named 18 East, the commercial project is located at Koregaon Park Annexe. It will be spread across 1.5 lakh sq. ft. and will be 74 metres high. The construction work for the project has begun and it will be ready by the year 2025. According to the company, the RERA deadline is December 2026, but they intend to complete the project by December 2025.

The tower is expected to have 20 storeys with 16 floors dedicated to offices ranging from 569 sq. ft to 5830 sq. ft. It would include Flexi offices. The building will also have retail showrooms with sizes ranging from 1586 sq. ft to 2026 sq.ft. The project will have two basements and three levels of podium parking.

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The group is planning to expand its footprint in the real estate landscape of Pune with over 30 lakh sq. ft. of proposed inventory. The group is coming up with a host of premium residential and commercial projects in Koregaon Park Annexe., Wakad, Baner and Jambhulwadi. Apart from Pune, the group is also looking at the Chennai market which it has 40 million square feet under construction.

The group has developed over 20 million sq. ft. of projects in Kolkata and has a presence in Chennai, Raipur, Ahmedabad, Bhubaneswar and Colombo, Sri Lanka.

When asked if the group is foraying into Pune because there is no clarity on RERA registration in the West Bengal real estate market, Mohta said, "We have a legacy of nearly 4 decades and we have developed malls, IT Parks, housing, commercial projects.

"We have delivered over 100 projects and possess over 500-acre landbank. Currently, we have more than 20 projects ongoing in Kolkata and many more are in the pipeline. Kolkata is our base and we have expanded our footprint In Pune as this city has tremendous potential in terms of real estate development.

"The real estate market of Pune is expected to see a rising graph on both residential and commercial fronts, so much so that 2022 will surpass the average of overall residential sales in the last five years."
Mehul R Thakkar
first published: Jul 5, 2022 07:31 pm
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