Tollygunge is one of the hottest areas to invest in South Kolkata right now with multiple prime projects coming up here such as Merlin One and Merlin Verve among others. Tollygunge offers great connectivity and civic and social infrastructure and is steadily becoming one of the most prime living destinations in the city. In a recent development, the real estate market in several areas of Tollygunge is set to benefit from the newly announced redevelopment plans for the Charu Market which is around 100 years old.
The Charu Market and a major chunk of South Kolkata localities surrounding it may develop rapidly with the Kolkata Municipal Corporation examining the plan for a mixed development proposal. The KMC approval will help in transforming the entire Charu Market which was established in the early 20th century by famous nationalist Charu Chandra Chattopadhyay. The entire neighborhood will be in for a major transformation. Several premium realty projects have previously transformed entire zones like South City in Prince Anwar Shah Road, Diamond City North in Nagerbazar, Diamond City South in Tollygunge Karunamoyee, Genexx Valley in Joka and Urbana in Madurdaha.
The market is based on a sizable plot of land and is strategically situated between the Tollygunge Circular Road and Charu Market Police Station. The market takes care of the daily needs of a large number of people residing between Tollygunge and Rashbehari. The Building Department at the KMC is expecting around Rs. 10 crore in earnings from sanction fees in case the project goes through.
The heirs of Charu Chandra Chattopadhyay are expected to enter into a tie-up with the Muskan Group. The project will come up over 3 ½ years and will be rehabilitating a large number of shops and will enable the creation of high-end retail zones and condominium towers. The agreement was executed around 5 years earlier and out of 400 shops present, 150 will be rehabilitated while there will be settlements for the other 250 shops. The market will occupy 20, 000 sq. ft. on the ground floor and 30, 000 sq. ft. of retail space will cover the ground and first floors.
On the second floor, there will be a banquet covering 5, 000 sq. ft. There will also be 115 apartments planned above in multiple towers spanning 9-22 storeys as per reports. This Rs. 350 crore project is expected to come with 3 lakh sq. ft. of built-up area. Virendra Kumar Chadha is the architect for this project and the 30, 000 sq. ft. basement area will have parking space for 213 cars.