Ashwin Sheth Group has secured a 50% ownership in One Marina, a residential development located on Marine Drive in Mumbai. PAG, based in Singapore, an alternative investment firm, has pledged over ₹540 crore (USD 65 million) to support the construction and development of this project.
The acquisition was made from Vallabh Sheth and Jitendra Sheth, who previously owned this stake along with the landowner, YM Infra. A portion of the funds raised was allocated to facilitate the exit of J.C. Flower ARC, whose loan from Yes Bank was settled by Ashwin Sheth Group to pave the way for the new partnership. The project boasts a gross development value (GDV) of ₹2,300 crore.
Out of the total one million square feet in the project, Ashwin Sheth Group possesses a sellable area of four lakh square feet. In June 2024, the company informed that they are engaged in three projects with NBFCs and developers dealing with stressed assets, as well as two projects currently under NCLT where they have submitted bids. All five projects are located in South Mumbai and are categorized as luxury and super-luxury developments.
