Latest news with #AshwinSheth
Hindustan Times
18-07-2025
- Business
- Hindustan Times
Ashwin Sheth Group acquires development rights from MHADA for ₹3,800 crore residential project in Mumbai's Goregaon
Mumbai-based Ashwin Sheth Group on July 18 announced a residential project in Siddharth Nagar area of Goregaon West in Mumbai after acquiring development rights from the Maharashtra Housing and Area Development Authority (MHADA). Mumbai-based Ashwin Sheth Group on July 18 announced a residential project in Siddharth Nagar area of Goregaon West in Mumbai after acquiring development rights from the Maharashtra Housing and Area Development Authority. (Representational photo)(Pixabay) The company said that the development will have 12 lakh sq ft of RERA carpet area with a gross development value (GDV) ₹3,800 crore. According to the company, the project spread across 4.05 acres will have premium offerings across five towers of 44 floors along with a signature 60 floors tower. The project will have 2 BHK, 3 BHK and 4 BHK apartments ranging from 800 sq ft to 1,600 sq ft. Also Read: DLF eyes more projects in Mumbai's real estate market, but focus remains on Andheri for now Ashwin Sheth, Chairman 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." According to the company, 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 said. Also Read: Ashwin Sheth Group acquires 50% stake in South Mumbai luxury project with ₹2,300 crore GDV South Mumbai project Ashwin Sheth Group had on June 11 announced the acquisition of a 50% stake in One Marina, a luxury residential project located in South Mumbai's Marine Lines with GDV of ₹2,300 crore. The acquisition was backed by substantial funding from PAG Singapore, an Asia-focused investment firm that has committed $65 million (over ₹540 crore) to support the construction and development of the ₹2,300 crore GDV project. "Part of the funds raised from PAG were used to facilitate the exit of J.C. Flower ARC, whose loan from Yes Bank was settled by Ashwin Sheth Group to clear the way for the new partnership," the statement had said. Situated close to Marine Drive and the historic Princess Street Flyover, one of India's earliest flyovers, One Marina enjoys a prime location in the heart of the city.
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Business Standard
18-07-2025
- Business
- Business Standard
Ashwin Sheth Group buys 4.05-acre Goregaon West land for Rs 255 crore
Ashwin Sheth Group has acquired development rights of 4.05 acres of land with a gross development value (GDV) of Rs 3,800 crore in Mumbai's western suburb, Goregaon West, 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.
News18
18-07-2025
- Business
- News18
Ashwin Sheth Group to build Rs 3,800 cr worth housing project in Mumbai
Mumbai, Jul 18 (PTI) Ashwin Sheth Group has acquired the development right of a 4-acre land parcel in Mumbai to build a housing project with revenue potential of Rs 3,800 crore. The upcoming project, located in Goregaon West, will have a Gross Development Value (GDV) of Rs 3,800 crore, the company said in a statement on Friday. The project will offer about 12 lakh square feet of RERA carpet area. Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, said, 'This strategic acquisition from Maharashtra Housing And Area Development Authority (MHADA) represents a milestone in our expansion strategy. 'Goregaon West has emerged as one of Mumbai's most promising residential destinations…". Ashwin Sheth Group has developed more than 38 million Sq Ft of assets so far and over 7 million sq ft area are currently under construction. PTI MJH DRR Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
