Mumbai-based Ashwin Sheth Group has taken a major step in bolstering its presence in the ultra-luxury real estate segment with the acquisition of a 50% stake in One Marina, a prestigious residential project in South Mumbai. This move, backed by a substantial investment from PAG Singapore, signals renewed confidence in the city’s luxury property market and underscores Ashwin Sheth Group’s strategic focus on high-value developments in prime locations.
Prime Location and Project Overview
One Marina is situated in the coveted Marine Lines area, close to iconic landmarks such as Marine Drive and the historic Princess Street Flyover. The project, with a gross development value (GDV) of ₹2,300 crore, spans approximately one million square feet of development. It is designed to offer luxury sea-facing residences, including:
- 3 BHK and 4 BHK apartments
- Duplexes and triplexes
- Exclusive penthouses
The residential tower is planned to rise 74 floors above ground, with construction already progressed to the 9th podium level. Out of the total development, Ashwin Sheth Group controls a significant saleable area of 400,000 square feet.
Strategic Acquisition and Partnership Details
Ashwin Sheth Group acquired its stake from Vallabh Sheth and Jitendra Sheth, promoters of Sheth Creators, who co-owned the project with landowner YM Infra. The acquisition was supported by a $65 million (over ₹540 crore) investment from Asia-focused PAG Singapore, providing critical capital for construction and development.
Funds raised through this partnership also facilitated the exit of J.C. Flower ARC by settling its loan from Yes Bank, clearing the path for the new ownership structure.
Leadership Perspectives
Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, emphasized the project’s ambition:
“With One Marina, we aim to create a truly exceptional living experience, making it one of the most premium residential addresses in South Mumbai. This project reflects our strategic focus on the ultra-luxury segment, supported by PAG’s investment and expertise to unlock the project’s full potential.”
Sunil Hotchandani, Head of Fundraising at Ashwin Sheth Group, added:
“This partnership aligns with our strategy to unlock value from legacy and underutilised projects. With PAG’s financial backing and our development experience, One Marina is positioned for a successful turnaround.”
Quick Facts: One Marina Project
| Detail | Information |
|---|---|
| Location | Marine Lines, South Mumbai |
| Project Type | Luxury Residential Development |
| GDV (Gross Development Value) | ₹2,300 crore |
| Total Development Area | ~1 million sq ft |
| Ashwin Sheth Group’s Saleable Area | 4 lakh sq ft |
| Number of Floors Planned | 74 floors |
| Funding Partner | PAG Singapore (Committed $65 million) |
| Previous Stakeholders | Sheth Creators (Vallabh & Jitendra Sheth), YM Infra |
FAQ: One Marina Project & Ashwin Sheth Group Acquisition
Q1: What stake has Ashwin Sheth Group acquired in One Marina?
A1: Ashwin Sheth Group has acquired a 50% stake in the One Marina project.
Q2: Where is the One Marina project located?
A2: The project is located in Marine Lines, South Mumbai, near Marine Drive and the Princess Street Flyover.
Q3: What is the estimated Gross Development Value (GDV) of the project?
A3: The project has a GDV of ₹2,300 crore.
Q4: Who are the other key partners involved in the project?
A4: The stake was acquired from Sheth Creators promoters Vallabh Sheth and Jitendra Sheth, with PAG Singapore providing significant financial backing.
Q5: What types of residences will One Marina offer?
A5: One Marina will feature sea-facing apartments including 3 BHK and 4 BHK units, duplexes, triplexes, and penthouses.