Mumbai’s luxury real estate market received a notable boost with the Ashwin Sheth Group announcing the acquisition of a 50% stake in a marquee residential development in Marine Lines, South Mumbai. The project, named One Marina, carries a gross development value (GDV) of ₹2,300 crore and is expected to redefine the standards of high-rise luxury living along the iconic coastline of the city.
The strategic investment was backed by a ₹540 crore infusion from PAG, a Singapore-based investment giant, marking a significant move in the redevelopment of legacy plots in South Mumbai’s dense urban fabric. The funding aims to expedite construction and ensure premium quality standards in one of Mumbai’s most space-constrained but aspirational neighbourhoods.
The Ashwin Sheth Group acquired the stake from previous joint developers, including the promoters of Sheth Creators, and has now joined hands with the landowner, YM Infra, to take the project forward. The acquisition also enabled the group to settle the existing dues with J.C. Flowers ARC, thereby resolving financial encumbrances inherited from earlier developers and paving the way for accelerated progress on the site.
Located close to Marine Drive and the historic Princess Street flyover, the One Marina project is expected to stand 74 storeys high, offering a rare combination of vertical scale and coastal luxury. The project is already under construction with work having reached the 9th podium level. Once completed, it will offer a range of upscale residential formats including spacious 3 BHKs, 4 BHKs, sea-facing duplexes, triplexes, and exclusive penthouses.Of the total one million square feet under development, the Ashwin Sheth Group will control approximately 400,000 square feet of saleable area. This positions the company as a dominant player in a project that is expected to command high demand from elite homebuyers seeking exclusivity in the southern tip of India’s financial capital.
According to Ashwin Sheth, chairman and managing director of the group, the partnership with PAG will not only bring global capital but also institutional discipline and governance to the development process. “With One Marina, we are building a landmark that reflects our commitment to luxury, design excellence and South Mumbai’s legacy. This is the first of many ventures as we deepen our presence in the ultra-luxury segment,” he said.Sunil Hotchandani, who heads fundraising for the group, added that this venture aligns with the developer’s broader strategy of unlocking potential in underutilised and financially constrained land parcels. “Our vision is to breathe life into legacy projects with both capital and credibility,” he said.
The move is emblematic of a growing trend in Mumbai’s real estate sector, where private equity and strategic funding are transforming stalled or legacy land parcels into high-value assets. With land scarcity tightening supply in South Mumbai, the One Marina project could emerge as a symbol of urban luxury meeting financial engineering and timely execution.
While the tower adds yet another high-rise silhouette to the Mumbai skyline, its development highlights a larger industry shift—where legacy urban spaces are being repurposed with sustainability, design sensibility and long-term livability at the core. With rising expectations of homebuyers in a post-pandemic world, developments like One Marina are being positioned not just as premium addresses but as future-ready homes designed for resilient and inclusive living
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