+
Ashwin Sheth Group Buys 50% Stake in One Marina
Real Estate

Ashwin Sheth Group Buys 50% Stake in One Marina

Mumbai-based real estate developer Ashwin Sheth Group has acquired a 50 per cent stake in the Rs 23 billion (USD 275 million) luxury residential project One Marina, located in South Mumbai’s upscale Marine Lines. The acquisition was announced on 11 June and marks a major move in the city's premium housing market.

The stake was acquired from Vallabh Sheth and Jitendra Sheth, promoters of Sheth Creators, who previously co-owned the project along with YM Infra, the landowner. This acquisition was supported by a substantial USD 65 million (over Rs 5.4 billion) investment commitment from PAG Singapore, a prominent Asia-focused investment firm.

According to a company statement, part of the funds from PAG were used to settle a loan from Yes Bank by repaying J.C. Flower ARC, thereby facilitating a clean slate for the new development partnership.

Strategically located near Marine Drive and the historic Princess Street Flyover, One Marina is set to become one of South Mumbai’s most premium residential addresses. The high-rise development will comprise 3 BHK and 4 BHK sea-facing apartments, duplexes, triplexes, and penthouses, with the tower rising to 74 floors above ground. Construction has already reached the 9th podium level.

Of the total 1 million square feet planned, Ashwin Sheth Group holds four lakh square feet of saleable area, highlighting the group’s significant stake in the development.

“We aim to redefine South Mumbai's ultra-luxury segment with One Marina and similar upcoming projects. Our strategic partnership with PAG ensures this landmark project receives the capital and expertise it needs,” said Ashwin Sheth, Chairman and Managing Director of the group.

Sunil Hotchandani, Head of Fundraising at Ashwin Sheth Group, added that the initiative reflects their strategy to revitalise underutilised legacy assets. “Backed by PAG’s capital and our execution record, One Marina is poised for a successful turnaround,” he said.

The project underlines Ashwin Sheth Group’s growing footprint in South Mumbai’s luxury residential sector, with more high-end developments expected to follow.

Mumbai-based real estate developer Ashwin Sheth Group has acquired a 50 per cent stake in the Rs 23 billion (USD 275 million) luxury residential project One Marina, located in South Mumbai’s upscale Marine Lines. The acquisition was announced on 11 June and marks a major move in the city's premium housing market.The stake was acquired from Vallabh Sheth and Jitendra Sheth, promoters of Sheth Creators, who previously co-owned the project along with YM Infra, the landowner. This acquisition was supported by a substantial USD 65 million (over Rs 5.4 billion) investment commitment from PAG Singapore, a prominent Asia-focused investment firm.According to a company statement, part of the funds from PAG were used to settle a loan from Yes Bank by repaying J.C. Flower ARC, thereby facilitating a clean slate for the new development partnership.Strategically located near Marine Drive and the historic Princess Street Flyover, One Marina is set to become one of South Mumbai’s most premium residential addresses. The high-rise development will comprise 3 BHK and 4 BHK sea-facing apartments, duplexes, triplexes, and penthouses, with the tower rising to 74 floors above ground. Construction has already reached the 9th podium level.Of the total 1 million square feet planned, Ashwin Sheth Group holds four lakh square feet of saleable area, highlighting the group’s significant stake in the development.“We aim to redefine South Mumbai's ultra-luxury segment with One Marina and similar upcoming projects. Our strategic partnership with PAG ensures this landmark project receives the capital and expertise it needs,” said Ashwin Sheth, Chairman and Managing Director of the group.Sunil Hotchandani, Head of Fundraising at Ashwin Sheth Group, added that the initiative reflects their strategy to revitalise underutilised legacy assets. “Backed by PAG’s capital and our execution record, One Marina is poised for a successful turnaround,” he said.The project underlines Ashwin Sheth Group’s growing footprint in South Mumbai’s luxury residential sector, with more high-end developments expected to follow.

Next Story
Real Estate

Heena Lalwani Buys Rs 1.13 Billion Juhu Apartment

Heena Lalwani, promoter of Aatman Innovations Private Limited, has purchased a luxury apartment worth Rs 1.13 billion in Mumbai’s upscale Juhu locality, according to property registration documents accessed by Zapkey.com.The 9,862 sq ft apartment, located on the 10th floor of Lodha Developers’ Avalon Tower, was acquired at Rs 115,000 per sq ft and comes with five car parking spaces. The deal, registered on 18 August 2025, also included the payment of Rs 68 million in stamp duty and a Rs 30,000 registration fee.Lodha Developers did not respond to queries regarding the transaction, while the..

Next Story
Real Estate

Godrej Buys KPHB Land for Rs 7 Billion in E-Auction

An acre of prime land in Kukatpally Housing Board (KPHB), Hyderabad, was auctioned for Rs 7 billion, with the Telangana Housing Board generating Rs 5.47 billion from the sale of 7.8 acres through e-auction on 20 August 2025.The auction notification was issued last month, attracting bids from Godrej Properties, Aurobindo Realty, Prestige Estates, and Ashoka Builders, according to Board vice-chairman V.P. Gautham. With an offset price of Rs 4 billion per acre, the three-hour auction saw 46 bid increases, before Godrej Properties acquired the land.Revenue generated from the auction will be utilis..

Next Story
Real Estate

HMDA to Auction 93 Prime Plots in September

The Hyderabad Metropolitan Development Authority (HMDA) is preparing to conduct a three-day auction of prime open plots across Hyderabad, Rangareddy, and Medchal-Malkajgiri districts this September.According to official reports, the e-auction will take place on 17, 18, and 19 September, offering 93 plots. Of these, 70 are located in the Bachupally HMDA layout, with the remainder spread across Turkayamjal, Kokapet, Poppalguda, Chandanagar, Bairagiguda, Gandi Maisamma, Suraram, Medipally, and Bachupally village.The highest upset price has been fixed at Rs 175,000 per square yard for a land parce..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?