For nearly four decades, the Merlin Group has been building its real estate business around a distinctly Kolkata-centric understanding of the market, while gradually looking to expand its footprint into other high-potential cities. From residential apartments and commercial buildings to malls, hospitality, sports-led townships, offices, logistics and industrial estates, the Kolkata-based developer has evolved into a diversified real estate group with more than 30 million sq ft of projects (over 150 projects) delivered and another 20 million sq ft under development or planning. The group is currently investing around Rs10,000 crore across 20 ongoing and upcoming projects.
Established in 1984, Merlin has been associated with a series of landmark developments that helped shape Kolkata’s real estate landscape. Its early portfolio included commercial properties such as Marshall House in BBD Bagh, Kamalaya Centre on Lenin Sarani and Vardaan Market on Camac Street, followed by three residential developments in South Kolkata – Merlin Heights, Ballygunge; Merlin Manor, Tollygunge; and Merlin Debendra Dham, Alipore – as well as Merlin Greens on Diamond Harbour Road, South 24 Parganas.
However, the major inflection point came in 2001, when the developer became a key consortium partner in the South City project in Jadavpur, South Kolkata – a four-million-sq-ft mixed-use development that went on to become one of Kolkata’s most recognised residential and retail destinations. The group subsequently expanded into lifestyle-led developments such as Princeton Club, Tollygunge; large residential communities including South City Garden, Belair and Galaxy; and commercial and IT assets such as Merlin Infinite and Merlin Matrix.
Merlin’s other prominent association is its signature Acropolis brand, with its flagship Acropolis in Kasba serving as an established mixed-use retail destination. The Kasba property comprises a 2.5-lakh-sq.-ft. retail podium, a four-lakh-sq-ft commercial tower and 600 parking slots, combining shopping, lifestyle and commercial spaces. The current monthly retail rental is around Rs140 per sq ft.
Broader vision
“As the Merlin Group continues to evolve, our vision extends beyond creating exceptional homes. We are a multifaceted developer, shaping vibrant spaces that encompass residences, retail outlets, offices and more. Our unwavering commitment to innovation ensures we leverage cutting-edge technologies to serve our customers better, constantly learning and growing alongside a network of industry experts,” says Sushil Mohta, 63, chairman and founder of the Merlin Group.
Today, the group is entering a new phase of growth. Major mixed-use initiatives such as the World Trade Center and various sports-centric townships are driving its current expansion into new asset classes. The new phase is led by its iconic mixed-use project – the five-million-sq-ft World Trade Center in Salt Lake, which is under construction and features 3.5 million sq ft of Grade-A office space. The project will also include a luxury Anantara hotel operated by Thailand’s Minor Group, along with retail and F&B facilities and the World Trade Center Club, a business club. Positioned as the first World Trade Center in Bengal and eastern India, it will connect Kolkata with a network of more than 320 World Trade Centers across 90 countries, potentially strengthening international business linkages. The project entails an estimated investment of around Rs2,500 crore, with Phase I expected to be completed this year and Phase II planned to begin by year-end. Once fully operational, around 30,000 people are expected to work here. The World Trade Center project currently commands an average monthly office rental of around Rs75 per sq ft.
In Rajarhat, its 40-acre Merlin Rise Sports Republic combines around 2,500 homes in Phase I, while another 3,000 homes are planned in Phase II. The project is positioned as eastern India’s first integrated sports township. The flagship development by the Merlin Group combines premium residential living with dedicated sports infrastructure, including Ronaldinho’s R10 Football Academy, the Yuvraj Singh Centre of Excellence for cricket, Michael Phelps Swimming Academy and the MMA Matrix Gym by Tiger Shroff and Krishna Shroff. The project is also planned to feature specialised academies for badminton, table tennis and squash, creating a sports-led residential ecosystem. While Phase I (estimated investment: Rs1,500 crore; current residential capital value: around Rs7,000 per sq ft) is nearing completion, construction of Phase II (estimated investment: Rs2,000 crore) will start sometime next year.
Expanding the footprint
Merlin’s residential pipeline also includes projects such as F Residences and Lakescape in the Rajarhat-New Town corridor; Serenia on BT Road; Avana in Tollygunge; and Niyasa near Ruby on EM Bypass. Moreover, the upcoming Acropolis South Mall at Joka-Thakurpukur on Diamond Harbour Road, in south-west Kolkata, will add a 3.68-lakh-sq-ft retail destination. The Rs300-crore retail project, likely to become operational by early 2027, has already signed up leading brands such as Pantaloons, Shoppers Stop, Decathlon, Reliance Trends, Reliance Digital, Reliance Smart, Max Fashion and Titan Company. The mall currently commands an average monthly rental rate of Rs140 per sq ft.
Beyond Kolkata, Pune has emerged as a key growth market, with around five million sq ft of residential and commercial projects. Merlin is also expanding into logistics and hospitality.
“We have built Merlin with a long-term view, focusing on quality, trust and creating projects that respond to changing customer needs. The journey of our next phase is about scaling this platform across residential, commercial, hospitality and logistics, while expanding selectively beyond Kolkata into markets that offer strong long-term potential. We want to build a more diversified business with a healthy mix of development and annuity-led assets, and ultimately establish Merlin as a nationally recognised real estate brand,” says Mohta.
Mohta has been at the centre of this journey ever since he joined the family business, run by his late father, Shiv Kishan Mohta, in the 1980s. Under his leadership, the group has transformed from a relatively informal, promoter-led operation into a more structured and professionally managed real estate enterprise. The next generation, led by his son Saket Mohta, 41, has added another layer to that transformation.
Saket is currently managing director of the Merlin Group. He joined the family business in 2013-14 after completing his MBA at Rotterdam School of Management, Erasmus University. Under his leadership, the company has expanded beyond its Kolkata base, with interests spanning residential, commercial, retail, hospitality and industrial projects. He has been closely associated with the group’s prestigious World Trade Center project.
“Today, we are one of the leading real estate companies in West Bengal. We are among the top three developers,” Mohta says, describing the group’s position in its home market.
In fact, the Mohta family’s business dates back to the 1970s, with interests initially spanning hardware, ball bearings and real estate. Mohta joined the business when real estate was still largely an informal, promoter-driven industry. The economic liberalisation of 1991 convinced him of the sector’s potential and prompted him to make real estate his full-time focus. “Over the years, I could see there was a lot of potential in real estate, and in 1990-91 – with economic liberalisation and the removal of the licence raj – I made myself a full-time real estate developer,” he recalls.
Merlin initially built its reputation through more than 20 residential and commercial projects in Kolkata. Mohta’s focus, however, was on building a scalable brand rather than simply developing properties. “I tried to create a brand and introduced systems and processes with landlords on a joint-venture basis so that I could scale up the business,” he says.
One of the defining moments in Merlin’s growth came in 2001, when it became a key consortium partner in the development of South City in Kolkata, a roughly four-million-sq-ft mixed-use project. The consortium brought together six business groups—Emami, Rameswara, Shrachi, Sureka, Merlin and JB Group. The development included residential towers, a shopping mall and a school, with South City Mall opening in 2008. In June 2025, Blackstone acquired South City Projects for around R3,250 crore, a transaction that included South City Mall and other assets.
South City represented a shift in scale for the company. By 2000, Merlin had developed nearly half a million square feet across 25 projects. The next major opportunity came in 2006, when the Kolkata Metropolitan Development Authority (KMDA) invited bids for a stadium and commercial complex on a public-private partnership basis. Merlin emerged as the successful bidder, and the project eventually became Acropolis. Spread across about 6.5 acres, the development combined a shopping mall, Grade-A office space, restaurants and a multiplex with a sports complex.
Building ecosystems
These developments helped establish Merlin as more than a residential developer. Over time, the portfolio expanded into retail, hospitality, commercial offices, townships, industrial estates and logistics. Merlin today describes itself as a multi-asset real estate group. The diversification is partly a response to changing consumer expectations and partly a strategy to reduce dependence on any single segment of the property cycle.
Mohta believes the Kolkata consumer has moved well beyond the traditional idea of buying a home purely for its physical attributes. “Today, buyers look far beyond physical square footage; they buy into complete lifestyle ecosystems,” he says. Wellness, open spaces, sports facilities, hybrid workspaces and experiential amenities have increasingly become part of the product proposition.
Merlin Residency on Prince Anwar Shah Road was one example of this evolution. According to Mohta, the project introduced a professionally managed lifestyle club and helped alter the value proposition of the micro-market. That philosophy has subsequently been carried into larger township developments.
One of the group’s more unique projects is Merlin Greens on Diamond Harbour Road. Developed over roughly 150 acres, the project combines second homes, low-rise bungalows and a resort. The development began in the early 1990s, with land being acquired progressively from farmers and developed in phases. Around 250-300 bungalows have been developed or sold to customers, including HNIs, doctors, engineers, Kolkata residents and NRIs. The development also includes substantial greenery and existing water bodies.
The hospitality component of this project has become a new chapter in its evolution. A resort on around 12 acres is being refurbished and expanded into a 138-room property. Merlin has signed an agreement with the Indian Hotels Company (IHCL), part of the Taj Group, for operation under its SeleQtions brand.
The group has invested around Rs150 crore in the resort component, while the overall Merlin Greens development represents an investment of around R400 crore. The refurbished resort is targeted to begin operations by the end of 2026. The project illustrates an approach that has become increasingly relevant to Merlin: combining residential development with hospitality, recreation and lifestyle components rather than treating them as isolated asset classes.
The most significant project in Merlin’s current commercial pipeline is the World Trade Center in Sector V, Salt Lake. Mohta describes it as the first World Trade Center in Bengal and eastern India. The project is connected to the wider World Trade Center network, which he believes can provide West Bengal businesses with stronger international networking opportunities. The office component is particularly significant. The company expects around 3.5 million sq ft of leasable Grade-A office space, targeting IT/IT-enabled services and global capability centres. The development therefore represents more than a real estate project for Merlin; it is also a bet on Kolkata’s ability to attract higher-value commercial occupiers.
If the World Trade Center represents Merlin’s commercial ambitions, Merlin Rise-Sports Republic represents its approach to residential development. For Merlin, the idea is to move residential development towards a broader lifestyle ecosystem. It is also an example of how the company is attempting to create differentiated projects rather than compete purely on apartment size or location. Alongside its large mixed-use projects, Merlin has a sizeable residential pipeline across Kolkata.
The project list includes Merlin Serenia on BT Road in Bonhooghly, north Kolkata, a 773-unit development; Merlin Azure on Ho Chi Minh Sarani; Merlin Ivy in Beliaghata; Merlin X near EM Bypass; F Residences in New Town; Merlin Lakescape in Rajarhat; Merlin Isle at Picnic Garden; Merlin Niyasa near EM Bypass and Ruby Hospital; Merlin Arama in New Alipore; Merlin Avana near Tollygunge Metro; Merlin Skygaze near the Southern Bypass; Merlin Aquaville, a luxury bungalow project near Amtala; and Merlin Imperia at Konnagar.
The projects cover a wide spectrum, from compact urban developments and high-rise apartments to luxury homes and villas. Several have handover timelines extending to 2027-30, providing the group with a multi-year revenue pipeline.
F Residences in New Town, for instance, comprises 796 apartments across 10 towers and has an indicated investment of R1,000 crore. Merlin Niyasa, near EM Bypass, comprises 152 apartments in two towers and carries an indicated investment of R500 crore. Merlin Avana comprises more than 1,100 apartments and has an indicated investment of R700 crore.
Merlin’s geographic expansion has not been linear. Over the years, the group expanded beyond Kolkata into Ahmedabad, Raipur, Chennai, Bhubaneswar and Pune. It has since rationalised part of this footprint, deciding to exit Ahmedabad and Raipur, where it had executed a number of projects, citing the incompatibility of the local market ecosystem with its business model. Chennai and Bhubaneswar, however, remain part of the group’s footprint. Pune has emerged as the key growth market outside eastern India, with Merlin building a portfolio across residential, township, commercial and mixed-use projects and identifying
Maharashtra, including Pune and potentially Navi Mumbai, as a major focus for its next phase of expansion.
In Pune, the company has three ongoing projects. These include a boutique office development in Koregaon Park, Merlin Ventana, a luxury mixed-use joint venture in Baner, and Merlin Elementa 2.0, a residential development in Tathawade. The company has also acquired a 3.26-acre plot in Mundhwa-Koregaon Park for a proposed office development.
Beyond home turf
Mohta says Merlin’s Pune portfolio has grown to around 5 million sq ft, while the Pune team is also studying opportunities in Navi Mumbai. The decision to concentrate on fewer markets reflects Merlin’s belief that real estate is fundamentally local. “We do not enter a new city simply because land is available; we enter when there is sustained economic momentum, long-term employment growth, infrastructure investment and room to scale a distinct brand presence,” Mohta says.
Despite its expansion, Kolkata remains the centre of gravity for Merlin. Mohta believes the city’s complexities, particularly around land and legal processes, have created barriers for developers but also provide an advantage to established local players with deep knowledge of the market. “The Kolkata real estate market is highly localised, requiring specific expertise in complex land laws and legal infrastructure,” he says.
He also sees significant structural potential in eastern India. Kolkata has a port, established industrial infrastructure, a large MSME ecosystem and a highly educated population. Beyond Kolkata, he identifies Siliguri, Asansol, Durgapur and Burdwan as potential growth centres, supported by industrial, logistics and connectivity investments.
The group’s own experience includes industrial estates, while its development portfolio is gradually expanding towards logistics. Merlin is also looking at opportunities created by the growth of data centres and the proposed Silicon Valley project in New Town.
The next stage of Merlin’s evolution has involved strengthening the organisation itself. Saket Mohta joined the business in 2013 and has been instrumental in expanding its operational capabilities. The company now has dedicated functions covering safety, quality control, customer initiatives, pre-sales and post-sales, legal due diligence and customer support, backed by a team of around 700 people.
Merlin’s ambition is no longer confined to being one of Kolkata’s leading developers. Mohta wants the company to emerge as a nationally diversified real estate brand, with a stronger presence in commercial, hospitality and logistics assets alongside its residential business.
“By 2030, our goal is for Merlin to be recognised as one of India’s most admired, nationally diversified real estate brands,” he says. The intention is to build a combination of premium residential development and annuity-backed commercial, hospitality and logistics income. That ambition represents a significant evolution from the family business that began in Kolkata nearly four decades ago.