The World Trade Center Association (WTCA) has joined hands with Merlin Group, for developing a World Trade Centre (WTC) spread across 3.5 million sq ft in Kolkata.
The proposed WTC is located in the Nabadiganta Industrial Township Authority (NDITA) area, Salt Lake and is the first under construction World Trade Center in Eastern India.
“We are looking at an investment of Rs 1,500 crore for the development of this project. Company expects to starts operation of phase I next year and hopes to complete the entire project by 2026. About 55 per cent should be operational by next year,” said Sushil Mohta, chairman, Merlin Group.
The project is expected to create 30,000 jobs. Scott Wang, vice president, World Trade Center Association (Asia Pacific region) said, “It will support in attracting business with overseas countries and also promote trade and business through 320 World Trade Centers spread over nearly 100 countries across the world.”
The WTCA is an global network comprising an ecosystem of conference, exhibition centres, economic development agencies, real estate developers, universities, logistical hubs, airports, ports, free trade zones and more.
In India, the oldest World Trade Center is in Mumbai. There are also WTCs in Bengaluru, Chennai, New Delhi, Noida, Pune among others.
According to Mohta, commercial real estate prices and rentals are still low in Kolkata while the workforce is also available in abundance, hence such deal will reinforce the economic prosperity of West Bengal as well as Eastern India. Forging collaboration with international trade bodies and investors from other countries through other World Trade Center members will also be beneficial.
He further said that Merlin Group has witnessed a growth of 35 per cent year-on-year in last few years and they hope to continue the same growth in the coming financial year. Apart from this project we have a very healthy order book. We are developing a mall in approximately 3.5 lakh sq ft area, there are 5 million sq ft under-construction residential projects, IT Park spread across 5 lakh sq ft is already pre-leased about 70 per cent.”
