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Ashwin Sheth Group buys 4.05-acre Goregaon West land for Rs 255 crore
The Mumbai-based real estate developer has acquired the rights from the Maharashtra Housing and Area Development Authority (Mhada), which had to reissue the tender for the development as the developer appointed earlier left the project. The Ashwin Sheth Group won the tender and will develop a certain area of the land for the existing tenants.
The premium project will feature five towers – four towers of 44 floors each and a signature 60-floor tower – alongside retail development. The development will offer approximately 12 lakh square feet of Rera carpet area, with 2, 3, and 4 bed residences ranging from 800 to 1,600 square feet.
Ashwin Sheth, Chairperson and Managing Director of Ashwin Sheth Group, said: 'This strategic acquisition from Mhada represents a milestone in our expansion strategy. Goregaon West has emerged as one of Mumbai's most promising residential destinations, and securing this prime 4.05-acre parcel positions us to deliver a world-class development that will set new standards for premium living in the western suburbs.'
In the last one year (April 2024–March 2025), Goregaon West has seen 1,300 new property sale transactions with a gross sales value of Rs 1,961 crore, according to Square Yards Data Intelligence, a real estate data analytics firm.
The property rate in the area stood at Rs 35,208 per square foot as of the first quarter of the calendar year 2025 (Q1 CY25), against Rs 34,572 per square foot in Q1 CY24.
The Siddharth Nagar location in Goregaon West offers excellent connectivity to major business districts, entertainment hubs, and transportation networks. With the area witnessing rapid infrastructure development and emerging as a preferred residential destination for both end-users and investors, the project is strategically positioned to cater to the growing demand for premium housing in the western suburbs, the company claimed.
Earlier, in June, the company acquired a 50 per cent stake in a luxury project with a GDV of Rs 2,300 crore in Mumbai, for which Singapore-based alternative investment firm PAG has committed funding of Rs 540 crore ($65 million).
The Ashwin Sheth Group is exploring plans for an initial public offering (IPO). 'The IPO is still 12 to 18 months away. First, we want to create a substantial portfolio to show in the IPO. We have identified merchant bankers. We are in discussions with the legal counsel,' a company spokesperson told Business Standard earlier.
Further, the company has developed 38 msf of real estate projects, and 7 msf of the company's projects are under construction with a GDV of Rs 24,000 crore. 'This revenue will accrue to us in the next 5 to 6 years,' the spokesperson had said.
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