A Home for Every Indian

Sushil Mohta, Real Estate Developer

Founder and Chairman, Merlin Group. President, CREDAI West Bengal

Merlin Group

Sushil Mohta

Sushil Mohta: The Builder Behind Merlin Group

Sushil Kumar Mohta is an Indian real estate developer and businessman based in Kolkata, best known as the founder and Chairman of the Merlin Group. Over more than three decades he has built the company from a Kolkata housing developer into a diversified real estate group, while also taking a leading role in the industry bodies that shape how Indian property is built and regulated. This article looks at the founding of Merlin, the group’s expansion, and Mohta’s role in one of the largest real estate deals in Kolkata’s history.

Key Insights

Founder-led growth: Mohta founded Merlin Group in 1984 and built it into a portfolio spanning residential complexes, commercial and IT buildings, industrial estates, hospitality and townships.
Industry leadership: He is a founder member of CREDAI India, the umbrella organization of the Indian real estate industry, and has served as President of CREDAI West Bengal.
Retail exposure: Mohta has sat on the boards of two of Kolkata’s most prominent malls, South City and Acropolis.
A landmark exit: In June 2025, South City Mall was sold to Blackstone for ₹3,250 crore — the largest real estate transaction in Kolkata and the largest mall deal in eastern India.

Who is Sushil Mohta?

Sushil Kumar Mohta is the Chairman of the Merlin Group of Companies, headquartered in Kolkata, and has also served as Managing Director of Merlin Projects Ltd. Industry profiles describe him as having spent three decades in real estate, with experience in developing and managing shopping malls and hospitality as well as housing and commercial property.

A recurring theme in his profile is a research-driven approach. He has studied housing and urban development practices in developed countries, from shifting consumer preferences to the planning of condominium projects, shopping malls and schools, as well as modern construction techniques.

Building Merlin Group

Merlin Group dates back to 1984 and grew from the vision of Mohta. Its stated aim is to provide “A Home for Every Indian.” Over the years the group has delivered residential and commercial complexes, office buildings, IT buildings, an industrial estate and hospitality projects, some of which are considered iconic developments in Kolkata.

The group’s footprint has expanded well beyond its home city. Merlin has operated in Kolkata, Ahmedabad, Raipur and Chennai, and has a presence in Colombo, Sri Lanka. It has also expanded in Pune, where its Pune operations team reports around 4 million square feet under development. Mohta’s son, Saket Mohta, serves as Managing Director and CEO of the group, representing a second generation in leadership.

CREDAI and Policy Influence

Beyond his own company, Mohta has been an active voice for the industry. As a founder member of CREDAI India and President of CREDAI West Bengal, he has represented developers in discussions with government and regulators. He has also been a member of committees formed by the Government of West Bengal, and has been involved in policy-making, reforms and legislation related to the real estate industry.

South City Mall and the Blackstone Deal

South City Mall opened in 2008 and was developed by South City Projects, a joint venture of six Kolkata business families: Emami Group, Merlin Group, Park Chambers Group, Shrachi Group, Jugal Kishore Khetawat and Rajendra Kumar Bachhawat. The mall covers roughly one million square feet of retail space, and its annual turnover has been reported at around ₹1,800 crore.

In June 2025, Blackstone acquired the mall for ₹3,250 crore, with ANAROCK acting as sole transaction advisor. Mohta, speaking as Chairman of Merlin Group and a Director of South City Projects, called the mall a prime retail asset in one of South Kolkata’s most sought-after locations. Because ownership was shared among six families, the sale was a consortium exit rather than a Merlin-only transaction.

Conclusion

Sushil Mohta’s career shows how a single founder can build a regional property brand over decades, and how long-term assets such as malls can eventually be monetized at scale. Through Merlin Group, his role in CREDAI and his part in the South City Mall sale, he has become one of the better-known figures in Eastern India’s real estate sector.