Mumbai-based Ashwin Sheth Group announced on 18 July a residential project in Siddharth Nagar, Goregaon West, Mumbai, following acquisition of development rights from the Maharashtra Housing and Area Development Authority (MHADA).

The development will offer 12 lakh square feet of RERA carpet area with a gross development value (GDV) of Rs 38 billion.

Spanning 4.05 acres, the project will comprise five towers of 44 floors each, alongside a signature 60-floor tower.

Apartments will include 2, 3 and 4-bedroom units ranging from 800 to 1,600 square feet.

Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, stated, “This strategic acquisition from MHADA marks a milestone in our expansion. Goregaon West has become one of Mumbai’s most promising residential areas. Securing this prime 4.05-acre site positions us to deliver a world-class development that will set new benchmarks for premium living in the western suburbs.”

The Siddharth Nagar location offers excellent connectivity to key business districts, entertainment hubs, and transport networks.

With rapid infrastructure growth and rising demand from end-users and investors, the project is strategically placed to meet the growing need for premium housing in Mumbai’s western suburbs.

Earlier, on 11 June, Ashwin Sheth Group acquired a 50 per cent stake in One Marina, a luxury residential project in South Mumbai’s Marine Lines with a GDV of Rs 23 billion.

This acquisition was supported by significant funding from PAG Singapore, an Asia-focused investment firm, which committed $65 million (over Rs 5.4 billion) to aid construction and development.

“Part of PAG’s funds facilitated the exit of J.C. Flower ARC, whose loan from Yes Bank was settled by Ashwin Sheth Group, clearing the path for the new partnership,” the company statement said.