Kolkata Based Real Estate Developers Merlin Launches Tallest Skyscraper in Salt Lake

Merlin Group, a realtor headquartered in Kolkata, has launched a Rs 200 crore tower in Salt Lake's Sector V, the city's IT powerhouse. The planned commercial centre, dubbed The Summit, would stand 348 feet tall and have 28 stories. It will be Sector V's highest commercial building. PS Srijan Corporate Park's 'IT block' is now 295 feet tall, according to company authorities.

Kolkata's highest residential skyscraper is "The 42," which stands at 853 feet and has 65 stories.

'The Summit' will be Eastern India's first IT & ITES tower to get dual accreditation from the Indian Green Building Council for green building and health & wellbeing.

"As the epidemic has passed, businesses are progressively reopening their doors and encouraging staff to work from home. We have designed compact offices beginning at 800 square feet at 'Summit' to meet the demands of the rapidly developing startup and MSME sectors "Saket Mohta, Managing Director of Merlin Group, said.

Institutional investments in Indian real estate remained optimistic in the January-March quarter of 2022, reaching USD1.1 billion, a more than 120 percent increase over the same period last year, owing to improved investor sentiment following the third wave of Covid-19 infections, according to the Indian arm of a New York-based investment advisory firm.

According to real estate sources, India's commercial real estate market is finally stabilising, with steady vacancy levels for the first time in two years in Q1 2022 (January-March). The retail sector drew the second-highest proportion of capital, accounting for 23% of total investment, owing to a single large deal. 

Investment in the Indian real estate retail sector reached a record high for the first time since the epidemic began. Global investors continue to be enthusiastic about both under construction and stabilised retail properties, as they anticipate a rebound.

The next commercial building in Kolkata, according to Merlin real estate developers, would feature 5.25 lakh square feet of premium space and will be finished by 2025.