Merlin launches tallest skyscraper in city’s IT hub

Kolkata: City-based realtor Merlin Group has launched a Rs 200 crore skyscraper in Sector V, Salt Lake, the IT hub of the metropolis.
The proposed commercial hub –The Summit will be 348 feet tall with 28 floors. It will be the tallest commercial space in Sector V. Now PS Srijan Corporate Park ‘IT block’ is 295 feet tall in the area, company officials said.
The tallest residential skyscraper of Kolkata is “The 42” which is 853 ft having 65 floors.
‘The Summit’ will be the first IT & ITES tower in Eastern India with dual certification of Green Building and Health & wellness from Indian Green Building Council.
“As the pandemic is over now, gradually companies are reopening their offices inspiring employees to work from office. We have planned small offices starting from 800 sqft, at ‘Summit’ to cater to needs of the fast growing sector of startups and MSME sector,” Merlin Group, managing director Saket Mohta said.
Institutional investments in Indian real estate remained upbeat in the January-March quarter of 2022 touching USD1.1 billion, over 120 per cent jump from the corresponding period of last year riding on improvement in investors’ sentiment with opening up of the economy post the third wave of Covid-19 infections, Indian arm of a New York listed investment advisory firm said.
“The office market is now recovering with Q1 2022 (Jan-March) seeing stable vacancies for the first time in two years. The retail sector attracted the second-highest share of investments at 23 per cent, backed by one major transaction. Investment in the retail sector was the highest since the start of the pandemic. Global investors continue to show strong interest in under construction as well as stabilised retail assets, as they are expecting a revival,” Colliers India managing director, capital markets & investment services, Piyush Gupta, said.
Mohta said, the latest commercial project will have 5.25 lakh sq feet space in premium segment and will be completed by 2025. —PTI

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