Ashwin Sheth Group Acquires 50% Stake in South Mumbai's Luxury Project One Marina

Mumbai-based property developer Ashwin Sheth Group announced it acquired a 50 percent equity interest in One Marina - a luxury residential project located at Marine Lines in South Mumbai - having a total gross development value (GDV) of Rs. 2,300 crore.

The company's statement noted it bought the stake from Vallabh Sheth and Jitendra Sheth, which are the promoters of Sheth Creators who co-owned the project, along with landowner YM Infra.

• Ashwin Sheth Group acquires 50 percent stake in One Marina, a luxury residential project in South Mumbai with a GDV of Rs. 2,300 crore.
• Backed by $65 million funding from PAG Singapore, One Marina features sea-facing apartments, duplexes, and penthouses.
• The 74-floor One Marina tower near Marine Drive aims to redefine ultra-luxury living in Mumbai’s prime location.

 “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 property market with multiple other upcoming projects to redefine the 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.

The acquisition was backed with support from PAG Singapore real estate investment, an Asia-focused investment firm which provided funding of $65 million (over Rs. 540 crore) for the construction and development of the project with GDV of Rs. 2,300 crore.

Also Read: Proven Cost Optimization Strategies for Large Scale Real Estate Projects

One Marina is positioned close to Marine Drive and India’s first flyover, the historic Princess Street Flyover, in the middle of Mumbai’s urban fabric.

According to the company, One Marina will offer sea-facing apartments, with 3 BHK, 4 BHK, duplexes, triplexes and penthouses. The tower will be 74 floors above ground, and construction has been started until the 9th podium level.

Of the total one million square feet of development, Ashwin Sheth Group has a saleable area of four lakh square feet, which highlights its strong share of the project, the company said in a statement.

"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 company statement said.