Mumbai-based real estate company Ashwin Sheth Group has announced that it has purchased a 50% stake in a luxury residential project called “One Marina” located in Marine Lines, South Mumbai. The total value of the project is estimated to be ₹2,300 crore.
The company bought the stake from Vallabh Sheth and Jitendra Sheth, promoters of Sheth Creators, who earlier co-owned the project along with YM Infra, the landowner.
To support this big investment, the company received ₹540 crore ($65 million) in funding from PAG Singapore, a large investment firm focused on Asia. Part of this money was also used to settle a loan taken by J.C. Flower ARC from Yes Bank, clearing the way for the new partnership.
One Marina is in a prime location near Marine Drive and the Princess Street Flyover—one of India’s oldest flyovers. The project will include sea-facing luxury apartments, such as 3 BHK and 4 BHK units, duplexes, triplexes, and penthouses. The building is planned to have 74 floors, and construction has already reached the 9th podium level.
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Out of the one million square feet being developed, Ashwin Sheth Group will sell around four lakh square feet, showing how big their share is in this project.
Ashwin Sheth, Chairman and MD of the group, said that One Marina will offer an extraordinary living experience and become one of the top luxury addresses in South Mumbai. He added that the group is focused on expanding its presence in this premium part of the city.
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Sunil Hotchandani, head of fundraising at the group, said that this deal is part of their strategy to revive underused or old projects. With PAG’s investment and the group’s experience, he believes One Marina is set for a strong comeback.
