Merlin Group Plans ₹10,000 Crore Expansion With 20 Million Sq Ft Project Pipeline
Kolkata, West Bengal | October 3, 2026
Merlin Group is planning a ₹10,000 crore investment over the next five years, with a development pipeline of nearly 20 million sq ft that could reshape its residential, commercial and retail presence across multiple Indian cities.
The Kolkata-based developer is targeting ₹700 crore in sales and at least ₹120 crore in profit in FY27, following sales of approximately ₹500 crore and profit of ₹100 crore in FY26. Its expansion plans cover West Bengal and Maharashtra, alongside a growing rental portfolio and projects in other cities.
₹10,000 Crore Investment Planned Over Five Years
Merlin Group chairman Sushil Mohta said the company plans to deploy around ₹10,000 crore over the next five years across residential, commercial, retail and mixed-use developments.
The developer currently invests approximately ₹1,000 crore to ₹1,200 crore annually and expects investment to increase by 15–20% year-on-year. The proposed expansion will support its development pipeline, including major projects in Kolkata and Pune.
20 Million Sq Ft Development Pipeline
The company has nearly 20 million sq ft of development potential planned for launch over the next two to three years. Its portfolio includes residential projects, commercial offices, retail developments and mixed-use properties.
Beyond West Bengal and Maharashtra, Merlin is evaluating redevelopment opportunities in Mumbai. It is also completing a residential project of approximately one million sq ft in Bhubaneswar.
Kolkata World Trade Center Anchors Expansion
One of Merlin's major projects is its approximately four-million-sq-ft World Trade Center development in Kolkata. The mixed-use project is planned to include IT and global capability centre office space, a five-star deluxe hotel and food and beverage retail.
The first phase, covering around 600,000 sq ft, is almost entirely sold or leased. The second phase spans approximately 1.5 million sq ft, while the third covers around one million sq ft. The company intends to launch at least one additional phase during 2026.
Merlin is also developing a mall of approximately 400,000 sq ft in Joka, alongside its residential portfolio.
Pune Projects Add Residential and Commercial Capacity
Merlin has three major projects under development in Pune. These include a 1.8-million-sq-ft office development in Koregaon Park, a two-million-sq-ft residential project in Tathawade and an 800,000-sq-ft mixed-use development in Wakad.
The company has also acquired around three acres in Koregaon Park for approximately ₹300 crore. It plans to develop a high-end commercial office tower of about 1.3 million to 1.4 million sq ft on the site.
These projects will expand Merlin's presence in Pune's residential and commercial property segments.
Rental Portfolio Expected to Grow
Merlin currently generates approximately ₹60 crore in annual rental income, primarily from Homeland Mall and Acropolis Mall.
The upcoming Joka mall is expected to contribute another ₹50 crore in annual rental income once operational. This would increase the contribution of recurring rental revenue to the company's overall business.
The expansion of income-generating commercial assets is an important part of Merlin's plans alongside residential project sales.
FY27 Sales Target Rises to ₹700 Crore
After recording around ₹500 crore in sales in FY26, Merlin is targeting approximately ₹700 crore in FY27. It also aims to increase profit from ₹100 crore to at least ₹120 crore.
The company sells around 1,000 to 1,200 residential units annually, with a primary focus on mid-income housing. It has already launched two residential projects in 2026 and expects to complete around one million sq ft of residential development across two to three projects in 2027.
Construction Costs Remain a Challenge
Mohta said construction costs have increased by around 20% during the year, driven largely by higher prices of materials such as aluminium and tiles.
The increase has put pressure on project margins, particularly where units have already been sold. Under RERA, developers cannot simply raise prices for those existing bookings to recover higher construction costs.
For homebuyers, the group's expansion could bring additional housing and commercial supply in its target markets. However, project launches, delivery timelines and the pace at which new developments reach the market will determine how much of the planned pipeline translates into completed properties.