Kolkata based real estate developer Merlin Group to invest Rs 2,000 crore in the state | INRnews
Kolkata, India, November 20, 2007 - Kolkata-based real estate developer Merlin Group is to invest around Rs 2,000 crore by 2010 to create industrial infrastructure, commercial and residential real estate projects in West Bengal.
The investments would be largely through two joint ventures - Bengal Merlin Housing Ltd formed in partnership with CMDA, and Bengal Merlin Infrastructure Ltd, with West Bengal Small Industries Development Corporation.
Merlin is developing a 750,000-sq ft mixed-use project Acropolis on 6.5 acres of land at the Kasba Rajdanga ground. The Rs 400-crore Acropolis will include mall, multiplex, sports stadium, and 17-floor IT-enabled business tower. Merlin is also to develop 600,000 sq ft of premium housing, retail and commercial space near the Ruby crossing. Rs 400 crore is to be invested to make South Kolkata as the next business district.
The company expects commercial property rates to increase by 50% by 2010.
By INRnews Correspondent