Ashwin Sheth’s Bold ₹500 Cr Bet on Mumbai Revival

In a major development for the Mumbai real estate sector, Ashwin Sheth Group One Marina Acquisition made headlines as the group partnered with global investment giant PAG to acquire a 50% stake in the stressed One Marina project. This strategic collaboration is poised to revive the under-construction premium residential project located in the heart of South Mumbai.

This move marks a significant step in resolving long-stalled real estate ventures in Mumbai’s premium zones. The One Marina project, previously facing financial and operational hurdles, now has fresh hope with two prominent powerhouses stepping in.

Why This Deal Matters

The One Marina project, situated in Marine Lines, had been stalled for months due to legal disputes and financial constraints. Originally launched by the Hubtown Group, the luxury project failed to meet timelines and investor expectations. With this acquisition, Ashwin Sheth Group and PAG aim to complete and revive the vision of a luxury seafront project that caters to the city’s elite.

This acquisition is more than a mere investment—it’s a sign of renewed confidence in Mumbai’s stressed real estate market. Experts believe this deal may set a benchmark for future resolution of stalled luxury developments across the city.

Deal Overview

The deal involves the acquisition of 50% equity stake in the One Marina project through a Special Purpose Vehicle (SPV) created by Ashwin Sheth Group and PAG. The financial value of the deal is not officially disclosed but is estimated to be over ₹500 crore.

Ashwin Sheth Group, known for landmark residential and commercial developments across Mumbai and Dubai, brings operational expertise, while PAG, a Hong Kong-based private equity major, contributes its financial muscle and global exposure.

According to industry sources, the joint venture plans to invest additional capital to fast-track construction, settle liabilities, and ensure early delivery to homebuyers.

Strategic Goals of the Acquisition

This move by the Ashwin Sheth Group and PAG underlines a few key goals:

1. Reviving a Stalled Asset: One Marina is one of the few large-scale, premium projects located in South Mumbai. The acquisition will restart construction activities and address long-standing buyer grievances.
2. Strengthening Brand Portfolio: The addition of One Marina under Sheth Group’s umbrella will significantly strengthen its portfolio of premium offerings in Mumbai.
3. Investor Confidence: A successful turnaround will boost investor and buyer trust in Mumbai’s high-end market.
4. Quick Turnaround Plan: With financial backing from PAG, the Ashwin Sheth Group is expected to deploy rapid development models and streamline approvals and legal clearances.

What the Leaders Said

Commenting on the acquisition, Mr. Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, said:

“This partnership with PAG reflects our commitment to bring timely and high-quality developments in Mumbai’s real estate landscape. One Marina is a prestigious address, and we are confident of delivering it to the highest standards.”

A senior PAG official added:

“We see strong value in distressed but well-located real estate assets in India. This partnership aligns with our strategy to back credible local partners like Sheth Group to unlock value.”

The One Marina Project: A Brief Background

Launched as an ambitious sea-facing residential project by Hubtown Limited, One Marina was conceptualized to redefine luxury living in South Mumbai. Spread across 3 acres with sweeping views of the Arabian Sea, the project offered high-end 3, 4, and 5 BHK residences with world-class amenities.

However, after years of stagnation and financial trouble, construction halted, and homebuyers were left in uncertainty. With this new acquisition, the project is expected to restart construction by the end of this year, with phased handovers starting in the next 24–30 months.

Legal and Financial Considerations

Industry analysts believe this acquisition was carefully structured to address existing liabilities, including payments to lenders, outstanding dues to contractors, and pending approvals.

The partnership has already received preliminary approvals from financial institutions, and detailed restructuring plans are underway. While most of the past developer’s debts will be addressed by the SPV, ongoing legal compliances and RERA updates will be made to ensure transparency and buyer safety.

Real estate experts note that the Ashwin Sheth Group One Marina Acquisition could pave the way for more such public-private resolutions, where investors and local developers work together to complete stressed assets.

Market Response and Future Prospects

The announcement has been received positively by both the market and prospective buyers. Industry insiders believe this could inject fresh momentum into Mumbai’s luxury housing market, especially in the wake of rising demand for seafront and low-density properties.

With Sheth Group’s trusted reputation and PAG’s global network, analysts expect One Marina to re-emerge as a flagship luxury offering in the next few years.

If successful, this model could be replicated in other parts of Mumbai and Delhi-NCR, where many stalled or delayed projects await funding and management overhaul.

Conclusion: A Win-Win for All

The Ashwin Sheth Group One Marina Acquisition represents a bold and strategic move in India’s luxury real estate recovery. It not only saves a troubled project but also sets a precedent for how credible partnerships can reshape buyer trust and investor sentiment in the sector.

As construction resumes and timelines are adhered to, buyers, stakeholders, and the Mumbai real estate ecosystem stand to benefit from this landmark partnership.

Also Read – Luxurious Dubai Villas: 5 Stunning Homes with Star Amenities