PAG Invests Rs 540 Cr in Mumbai Housing Project

New Delhi, June 11 (PTI) Realty firm Ashwin Sheth Group has acquired a 50 per cent stake in a luxury housing project in Mumbai and raised Rs 540 crore from PAG to develop this property.

In a statement on Wednesday, the company said it has bought a 50 per cent stake in project 'One Marina', located on Marine Drive, Marine Lines in South Mumbai. The total saleable area in this project is 10 lakh square feet.

Ashwin Sheth Group has acquired the stake in the redevelopment project from Vallabh Sheth and Jitendra Sheth, who previously held this share alongside the landowner YM Infra.

The financial details of the deal were not disclosed.

PAG, Singapore, one of Asia's leading alternative investment firms, has committed USD 65 million (Rs 540 crore) to fund the construction and development of this project.

The total revenue potential of this project is estimated at Rs 2300 crore, the statement said.

Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, said, "With One Marina, we aim to create a truly exceptional living experience, making it one of the most premium residential addresses in South Mumbai".

Sunil Hotchandani, Head of Fund Raising at Ashwin Sheth Group, said, "This partnership is a continuation of our strategy to unlock and deliver value in legacy and underutilised projects: With PAG's financial support and our proven development track record, One Marina is well-positioned for a successful turnaround".

Ashwin Sheth Group, founded in 1986, has developed projects in India and Dubai.

It has developed more than 38 million square feet of assets and over 7 million square feet are currently under development.