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Ashwin Sheth Group has acquired development rights for a four-acre land parcel in Goregaon West, Mumbai, with an estimated revenue potential of INR 3,800 crore. The project, spanning approximately 12 lakh sq ft of RERA carpet area, is set to rise on land owned by MHADA and includes tenant rehabilitation. The rights were secured after a re-tendering process, following a failed earlier agreement with a previous builder. Goregaon West remains a hot real estate zone with over INR 1,961 crore in sales last year, driven by strong connectivity and Metro Line 2A. Ashwin Sheth Group currently has over 7 million sq ft under development.
The Ashwin Sheth Group recently announced it has secured development rights for a four-acre land parcel in Goregaon West, Mumbai. The project carries an estimated Gross Development Value (GDV), or revenue potential, of INR 3,800 crore. Advertisement
According to a statement from the company, the development will offer approximately 12 lakh square feet of RERA carpet area. The land in question belonged to Maharashtra Housing And Area Development Authority (MHADA). Reports suggest that the land parcel was re-tendered after the previous builder failed to honor the agreement. The second time around, Ashwin Sheth Group won the bid, securing rights for the entire project. The project includes rehabilitation of current tenants.
In the past year alone, Goregaon West saw over 1,300 new property sale transactions, with a gross sales value exceeding INR 1,961 crore. The area gets its appeal from excellent connectivity via the Western Express Highway and the Western Railway line, which is now further enhanced by the operational Mumbai Metro Line 2A.
The Ashwin Sheth Group has an established track record in the real estate sector, having developed more than 38 million square feet of assets to date. Currently, the company has over 7 million square feet of area under construction, showcasing its active presence in the market.
Source- PTI
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