Ashwin Sheth Group acquires 50% stake in South Mumbai luxury project with ₹2,300 crore GDV
Ashwin Sheth Group has acquired the South Mumbai luxury project through funding of over ₹540 crore from PAG Singapore, the company said in a statement
Mumbai-based real estate developer Ashwin Sheth Group on June 11 announced the acquisition of a 50% stake in One Marina, a luxury residential project located in South Mumbai’s Marine Lines. The project has a total gross development value (GDV) of ₹2,300 crore.
The company said in a statement that it acquired the stake from Vallabh Sheth and Jitendra Sheth, promoters of Sheth Creators, who previously co-owned it along with landowner YM Infra.
The acquisition was backed by substantial funding from PAG Singapore, an Asia-focused investment firm that has committed $65 million (over ₹540 crore) to support the construction and development of the ₹2,300 crore GDV project.
"Part of the funds raised from PAG were used to facilitate the exit of J.C. Flower ARC, whose loan from Yes Bank was settled by Ashwin Sheth Group to clear the way for the new partnership," the statement said.
Situated close to Marine Drive and the historic Princess Street Flyover, one of India’s earliest flyovers, One Marina enjoys a prime location in the heart of the city.
According to the company, the project will feature sea-facing apartments, including 3 BHK and 4 BHK units, duplexes, triplexes, and penthouses. The tower is planned to rise to 74 floors above ground, with construction currently completed up to the 9th podium level.
Out of the total one million square feet of development, Ashwin Sheth Group holds a saleable area of four lakh square feet, underscoring its significant stake in the project, the company said in a statement.
“With One Marina, we aim to create a truly exceptional living experience, making it one of the most premium residential addresses in South Mumbai. With this project, we aim to demonstrate our strategic focus on South Mumbai with multiple other upcoming projects to redefine the luxury/ultra-luxury segment. Our partnership with PAG ensures that the project will receive the investment and expertise needed to realize its full potential," said Ashwin Sheth, chairman and managing director of Ashwin Sheth Group.
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Sunil Hotchandani, head of Fundraising at Ashwin Sheth Group, said, “This partnership is a continuation of our strategy to unlock and deliver value in legacy and underutilised projects: With PAG’s financial support and our proven development track record, One Marina is well-positioned for a successful turnaround.”
