What Merlin Group does

Merlin Group is a privately held, founder-owned real estate developer headquartered in Kolkata, India, incorporated in 1984 and led by Founder & Chairman Sushil Mohta and Managing Director Saket Mohta. The company develops and sells residential, commercial, hospitality, and integrated township projects across approximately six Indian states (West Bengal, Maharashtra, Tamil Nadu, Telangana, Gujarat, Odisha) and Sri Lanka, with a cumulative track record of 150+ delivered projects spanning 20 million sq ft and 500+ acres of land bank, plus 10 million sq ft currently under construction. Its portfolio spans premium and luxury housing, mid-segment apartments, country homes, specialty malls, office towers, IT parks, hotels, and townships, with marquee developments including South City (4 million sq ft mixed-use), Merlin Rise (45-acre integrated township in Rajarhat with school, hospital, and sports academies), and F Residences (FashionTV-branded luxury project in Rajarhat).

The business model is direct sales of one-off real estate assets to individual homebuyers and select institutional/commercial counterparties. Pricing is quote-based and varies by project, configuration, and possession date; the customer base spans mid-income to ultra-high-net-worth segments. Distribution is sales-led via on-site project sales offices and a centralized corporate sales function at Merlin Oxford, Kolkata - the company does not appear to rely on third-party broker networks. Partnerships form a meaningful part of the strategy: a co-development JV with Aryan Realty to build the 170-key Anantara Kolkata Hotel (managed by Minor Hotels, opening 2032), a FashionTV-branded luxury housing collaboration, and historical consortium participation in the South City Mall sold to Blackstone for ₹3,250 crore (2026). Marketing is concentrated on the company website and content/blog channels rather than paid acquisition.

The business carries significant regulatory exposure: India's Enforcement Directorate has conducted multiple rounds of searches in 2026 under the Prevention of Money Laundering Act, alleging that the promoters fabricated title chains and engaged in land grabbing that was then monetized through large-scale developments. The company currently has no app, no public listing, no disclosed revenue figure, and no institutional equity backing - all capital deployment is bootstrapped or asset-financed, including a ₹10,000 crore investment commitment in West Bengal real estate over seven to eight years announced in 2025.

Name

Merlin Group

Legal name

Merlin Group

Website

https://merlinprojects.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Merlin Group is a Kolkata-based private real estate developer founded in 1984 that builds residential, commercial, hospitality, and integrated township projects across six Indian states and Sri Lanka, serving mid-income to luxury homebuyers with 150+ projects delivered and 10 million sq ft under construction.

Ownership category

akta.pro rank

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Real Estate Development Sales: Primary revenue from direct sale of residential apartments, commercial spaces, and hospitality properties. The company develops and sells properties across multiple formats including premium housing, essential housing, country homes, specialty malls, office towers, IT buildings, hotels, and townships. Revenue is generated through one-time property sales to end-users and investors.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Merlin Group is a Kolkata-based real estate developer that builds and sells residential apartments, integrated townships, commercial office spaces, IT parks, specialty malls, and hospitality properties across 6 Indian states and international destinations including Sri Lanka. The company delivers projects through direct sales to homebuyers and commercial tenants, with a portfolio spanning premium, mid-segment, and affordable housing categories, anchored by the 45-acre Merlin Rise sports-integrated township and luxury co-branded developments such as F Residences with FashionTV.

Product overview

Merlin Group is a Kolkata-based real estate developer operating across 6 Indian states and international destinations. The company offers a diversified portfolio spanning residential projects (premium, luxury, and affordable segments), integrated townships, and hospitality developments. Key product lines include: (1) Premium/Luxury Residential - F Residences (FashionTV partnership), Merlin Azure, Merlin X, Merlin Skygaze; (2) Mid-segment Residential - Imperia, Merlin IVY, Niyasa, Avana, Serenia; (3) Integrated Townships - Merlin Rise (45-acre self-sufficient township in Rajarhat); (4) Mass Housing - Oikyo; and (5) Hospitality - Anantara Kolkata Hotel joint venture. The company has delivered 150+ projects totaling 20 million sq. ft. with 10 million sq. ft. under construction.

Differentiator

Problem solved

Functional benefit

Products and services

• Merlin Imperia Premium residential project at Konnagar on GT Road featuring 1 tower with 2 and 3 BHK configurations for homebuyers.
• Merlin IVY Residential project in Beliaghata, Kolkata with 1 tower and 3/3.5 BHK configurations.
• Merlin Niyasa Premium residential project near Ruby on EM Bypass featuring 2 towers with 3.5/4/4.5 BHK configurations.
• F Residences Luxury residential project in Rajarhat developed in partnership with FashionTV, featuring 11 towers with 3/4 BHK configurations, Kolkata's first two-tier swimming pool, rooftop Cloud Forest, world-class clubhouse, and smart-home features.
• Merlin Rise 45-acre integrated sports-themed township in Rajarhat with 9 residential towers of 27 floors each, offering over 5,000 flats (2/3 BHK), ICSE-affiliated school, multi-specialty hospital, office space, movie theatre, and sports academies featuring Ronaldinho, Yuvraj Singh, Michael Phelps, and Tiger Shroff brands.
• Merlin Avana

Quantifiable outcome

• 400%+ YoY growth in Kolkata institutional real estate investment
• +1 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• Minor Hotels / AnantaracoreStrategic or Co-development Partner · 8 April 2026Joint venture between Aryan Realty and Merlin Group to develop the 170-key Anantara Kolkata Hotel anchoring the World Trade Center Salt Lake development. The hotel is scheduled to open in 2032 as part of a mixed-use development, with Minor Hotels operating the Anantara luxury brand. This is Anantara's first urban hotel in India.
• FashionTVcoreStrategic or Co-development PartnerMerlin Group formalized a partnership with FashionTV to develop 'F Residences,' a luxury housing project in Kolkata. The collaboration brings global fashion lifestyle branding to the residential development, featuring Kolkata's first two-tier swimming pool, cloud forest on rooftop, world-class clubhouse, and smart-home features. The project is positioned as a fashion-forward luxury living destination.
• Football Next FoundationminorGTM or Marketing PartnerCSR partnership for the 'Barcelona Calling' initiative to send Indian football fans to Camp Nou for exclusive experience. The partnership positions Merlin Group as a Sports Realty Brand, engaging football enthusiasts across Bengal and promoting sports development in India.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• DLF Limited: India's largest real estate developer with a national footprint across residential, commercial, and retail. Comparable to Merlin as a residential developer operating at significant scale, but DLF is far larger, publicly listed, and pan-India versus Merlin's Eastern India concentration.
• Macrotech Developers (Lodha Group): Macrotech/Lodha is one of India's largest listed residential developers focused on premium and luxury segments with major township projects. Directly comparable to Merlin in the premium/luxury housing category, but operates nationally at much larger scale.

Direct peers

• Godrej Properties: Pan-India premium residential developer operating across multiple cities including tier-1 and tier-2 markets. Closely comparable to Merlin in product positioning across premium and luxury residential projects, with similar GTM via direct sales and project offices.
• Oberoi Realty: Mumbai-based premium and luxury developer known for high-end residences and integrated developments. Direct comparable to Merlin's premium/luxury positioning (e.g., F Residences, Merlin X) and integrated commercial-plus-residential model.
• Shapoorji Pallonji Real Estate: Pan-India real estate developer with premium residential and integrated township projects across multiple cities. Comparable to Merlin across product mix (residential, commercial, IT parks) and multi-city footprint.
• Hiranandani Communities: Developer known for large integrated townships and premium residential projects across India. Closely comparable to Merlin's RISE township concept and integrated community development approach.
• PS Group: Kolkata-based real estate developer with residential, commercial, and township projects. Direct regional peer to Merlin Group, competing in the same geographic market with overlapping product types.
• Tata Housing Development Company: Tata Group's residential real estate arm operating premium and affordable housing developments across India. Comparable to Merlin in product mix and multi-city execution, with the added backing of the Tata brand.

Regional players

• Prestige Group: Large South India-focused developer covering residential, commercial, retail, and hospitality. Comparable to Merlin's diversified real estate model with mixed-use and township developments, but with primary geographic concentration in Bengaluru/South India.
• Brigade Group: South India-focused developer with diversified residential, commercial, and hospitality portfolio including hotels. Comparable to Merlin in operating model spanning multiple real estate verticals including hospitality, though geographically concentrated in South India.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/groupmerlin
• Facebookfacebook.com/MERLINGROUP

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Merlin Group