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Ashwin Sheth Group has acquired a 50% stake in the luxury 'One Marina' redevelopment project on Marine Drive, South Mumbai, and secured INR 540 crore funding from Singapore-based PAG to support its development. The 10 lakh sq. ft. project is expected to generate INR 2,300 crore in revenue upon completion. The stake was acquired from Vallabh Sheth and Jitendra Sheth, former joint stakeholders along with landowner YM Infra. PAG's USD 65 million investment will be used for project construction. Ashwin Sheth Group aims to position One Marina as a prestigious address in South Mumbai. The collaboration reflects confidence in premium redevelopment ventures and aligns with the group's strategy to revitalise legacy assets. With over 38 million sq. ft. delivered and 7 million sq. ft. under development, Ashwin Sheth Group continues to expand its footprint in India's luxury housing segment.
Real estate developer Ashwin Sheth Group has acquired a 50% stake in a luxury residential redevelopment project located on Marine Drive in South Mumbai and raised INR 540 crore from Singapore-headquartered PAG to support its development. Advertisement
According to a statement released by the company during the past week, the stake pertains to the upscale 'One Marina' project in Marine Lines, which spans a total saleable area of 10 lakh square feet. The company secured this stake from Vallabh Sheth and Jitendra Sheth, who were previously joint stakeholders in the project along with the landowner YM Infra.
While the financial terms of the stake acquisition were not disclosed, the investment by PAG - one of Asia's leading alternative investment firms - is pegged at USD 65 million (INR 540 crore). This capital infusion will be channelled towards the project's construction and development.
The One Marina development is expected to generate a total revenue of INR 2,300 crore upon completion, as outlined in the company's official communication.
Ashwin Sheth, Chairman and Managing Director of the firm, expressed the group's vision for the project by stating that with One Marina, they were aiming to craft a living experience that would position the property among South Mumbai's most prestigious residential addresses.
Meanwhile, Sunil Hotchandani, Head of Fund Raising at Ashwin Sheth Group, mentioned that the alliance with PAG aligns with their broader strategy to revitalise and realise value from legacy or underutilised real estate assets. He indicated that with PAG's financial support and Ashwin Sheth Group's strong development credentials, the One Marina project is well-placed for a successful transformation.
Established in 1986, Ashwin Sheth Group has developed more than 38 million square feet of real estate across India and Dubai. At present, the company has over 7 million square feet under active development.
The collaboration not only reflects investor confidence in high-value redevelopment projects but also reinforces the group's vision to unlock potential in heritage zones. With a history of successful developments and a robust project pipeline, the firm is well-positioned to lead transformative change in Mumbai's urban residential landscape.
Source - PTI
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