City-based developer Merlin Group has launched the tallest commercial space in Sector V, Salt Lake, the IT hub of Calcutta.
The 100-metre-long structure will have a mix of office space, retail and F&B outlets. It will also have a large parking space, big enough to accommodate 400-plus cars. The second tallest building is about 90 meters tall.
Piling work for the Rs 200-crore project has started and the completion date is in 2025.
The smallest office space on offer is going to be 542 square foot, keeping in mind the demand from small and medium businesses and start-ups. The developer is willing to look at both lease and sale options for the project named The Summit.
“Given the leasing activity is rather slow in this city, we will look at sale option as well. However, we are aiming to get a large and reputable anchor tenant which would speak for itself and the building,” Saket Mohta, managing director of Merlin Group, said.
The 5.25 lakh square foot project will have 35,000 square foot of retail on the ground and first floors and a similar size on the top two floors for the food and beverage (F&B) industry.
About 300,000 sq ft will be office space while the rest will be car park. Even though absorption of commercial office space has remained rangebound — within a million square foot a year — compared with the Indian tech hub such as Bangalore or Hyderabad, Mohta sounded confident of getting tenants and buyers.
“We are building a Grade A building. There will be no dearth of demand. We have to be positive,” he said.
Tollygunge tram depot
The Belani group, which had acquired the idle land of Tollygunge Tram Depot through a competitive bidding process, has launched a residential project on the plot. Named Sanctuary, it will have four towers with 227 units. There will also be high-end retail space of 50,000 square foot.