City-based real estate major, Merlin Group on Tuesday said it has lined up Rs 2,000 crore investment over the next five years in the Pune realty sector, as the company expands its footprint in Maharashtra. Merlin group said it has developed over 20 million sq ft of projects in Kolkata alone and has projects in Chennai, Raipur, Ahmedabad, Bhubaneswar and Colombo, Sri Lanka.
“We are excited about our foray into Pune. It is one of the most vibrant cities in India with humongous potential in terms of economic and industrial development. We have plans to invest Rs 2,000 crore with ambitious projects over the next five years in the second-largest city of Maharashtra”, Merlin Group managing director Saket Mohta said.
“The group has launched its first state-of–the-art commercial skyscraper 18 East. The group already has land parcels to build 40 lakh sq ft inventory over next few years. The group is coming up with a host of premium residential and commercial projects in Koregaon Park Annexe, Wakad, Baner and Jambhulwadi,” Mohta said.
The eastern India realty major said they will focus on the Pune market and do not propose foray into Mumbai any time soon. The home buying sentiment saw a considerable improvement starting January 2022 and by the end of the quarter, the market witnessed new inventories in the Rs 40-80 lakh budget segment, he said.
Speaking about input cost, Mohta said the export duty on steel by the government has helped some easing in steel prices which was skyrocketing. “There is some respite in input cost. The corrective step by the government should have come earlier but nevertheless, it has helped the consumers,” he said.