Mumbai-based real estate developer Ashwin Sheth Group has acquired a 50 per cent stake in the Rs 23 billion (USD 275 million) luxury residential project One Marina, located in South Mumbai鈥檚 upscale Marine Lines. The acquisition was announced on 11 June and marks a major move in the city's premium housing market.
The stake was acquired from Vallabh Sheth and Jitendra Sheth, promoters of Sheth Creators, who previously co-owned the project along with YM Infra, the landowner. This acquisition was supported by a substantial USD 65 million (over Rs 5.4 billion) investment commitment from PAG Singapore, a prominent Asia-focused investment firm.
According to a company statement, part of the funds from PAG were used to settle a loan from Yes Bank by repaying J.C. Flower ARC, thereby facilitating a clean slate for the new development partnership.
Strategically located near Marine Drive and the historic Princess Street Flyover, One Marina is set to become one of South Mumbai鈥檚 most premium residential addresses. The high-rise development will comprise 3 BHK and 4 BHK sea-facing apartments, duplexes, triplexes, and penthouses, with the tower rising to 74 floors above ground. Construction has already reached the 9th podium level.
Of the total 1 million square feet planned, Ashwin Sheth Group holds four lakh square feet of saleable area, highlighting the group鈥檚 significant stake in the development.
鈥淲e aim to redefine South Mumbai's ultra-luxury segment with One Marina and similar upcoming projects. Our strategic partnership with PAG ensures this landmark project receives the capital and expertise it needs,鈥� said Ashwin Sheth, Chairman and Managing Director of the group.
Sunil Hotchandani, Head of Fundraising at Ashwin Sheth Group, added that the initiative reflects their strategy to revitalise underutilised legacy assets. 鈥淏acked by PAG鈥檚 capital and our execution record, One Marina is poised for a successful turnaround,鈥� he said.
The project underlines Ashwin Sheth Group鈥檚 growing footprint in South Mumbai鈥檚 luxury residential sector, with more high-end developments expected to follow.
