Mumbai-based real estate developer Ashwin Sheth Group has acquired a 50% stake in the upscale residential redevelopment project ‘One Marina’ located on Marine Drive, and has raised Rs. 540 crore in funding from Singapore-headquartered investment firm PAG. The project, with an estimated revenue potential of Rs. 2,300 crore and a saleable area of 10 lakh square feet, marks a major push by Ashwin Sheth Group into South Mumbai’s premium real estate market. The group intends to transform the site into one of the most coveted addresses in the city, reinforcing its strategy to unlock value in underutilized assets.
Strategic Stake Acquisition in 'One Marina'
Ashwin Sheth Group has formally acquired a 50% stake in the high-profile redevelopment project ‘One Marina’, located in the prestigious Marine Lines locality along Marine Drive, South Mumbai. The share was purchased from Vallabh Sheth and Jitendra Sheth, who had held the stake jointly with landowner YM Infra.
The total saleable area of the project is approximately 10 lakh square feet, underscoring its significant footprint in one of Mumbai’s most sought-after residential corridors. Although the financial specifics of the stake acquisition remain undisclosed, the transaction aligns with the developer's vision to consolidate its presence in marquee urban locations.
Rs. 540 Crore Infusion from PAG Fuels Development
In a parallel development, PAG, a leading alternative investment firm based in Singapore, has committed USD 65 million (approximately Rs. 540 crore) towards the construction and development of the One Marina project. This capital injection marks PAG’s growing interest in India’s luxury residential segment and will serve as a financial backbone for completing the ambitious project.
The strategic partnership also reflects the increasing alignment between international investors and seasoned Indian developers, with a shared goal of repositioning undervalued or underdeveloped land parcels into high-yield assets.
Projected Revenue and Market Positioning
The One Marina development is projected to generate a total revenue of Rs. 2,300 crore, positioning it among the most lucrative residential offerings in the South Mumbai real estate landscape. With a legacy location like Marine Drive, combined with modern architectural and lifestyle features, the project is expected to command a premium in terms of price and demand.
Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, emphasized the project's ambition, stating, “With One Marina, we aim to create a truly exceptional living experience, making it one of the most premium residential addresses in South Mumbai.”
Strategic Vision and Developer Credibility
This latest move is part of Ashwin Sheth Group’s broader strategy to unlock value in legacy or underutilized real estate assets. According to Sunil Hotchandani, the company’s Head of Fund Raising, “This partnership is a continuation of our strategy to unlock and deliver value in legacy and underutilised projects.”
Founded in 1986, Ashwin Sheth Group has built a credible track record across India and Dubai, having developed over 38 million square feet of real estate assets, with an additional 7 million square feet currently under development. Their reputation for execution, coupled with PAG’s financial muscle, sets the stage for a successful transformation of One Marina into a landmark address.
Conclusion: A Testament to Investor Confidence in Mumbai’s Premium Real Estate
The acquisition of One Marina and the substantial funding from PAG not only underscore Ashwin Sheth Group’s strategic ambition but also signal continued investor confidence in India’s high-end residential sector. As urban redevelopment and legacy asset transformation become central themes in Mumbai's real estate narrative, projects like One Marina are poised to define the next generation of luxury living.
This transaction serves as a blueprint for how collaboration between experienced developers and global capital can create value in markets where location, legacy, and demand converge.
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