Ashwin Sheth Group Acquires Prime Goregaon West Land for Rs 255 Crore
The Mumbai-based real estate developer, Ashwin Sheth Group, has acquired development rights for a 4.05-acre land parcel in Goregaon West, valued at Rs 3,800 crore, for Rs 255 crore. The project includes five towers with a mix of residential and retail spaces.
Real EstateMumbaiGoregaon WestAshwin Sheth GroupMhadaReal Estate MumbaiJul 18, 2025
The premium project will feature five towers, including four 44-floor towers and a signature 60-floor tower, along with retail development. The development will offer approximately 12 lakh square feet of Rera carpet area, with 2, 3, and 4 bedroom residences ranging from 800 to 1,600 square feet.
Ashwin Sheth, Chairperson and Managing Director of Ashwin Sheth Group, stated, “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 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 million square feet (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.
Frequently Asked Questions
What is the total value of the land acquired by Ashwin Sheth Group?
The total gross development value (GDV) of the land acquired by Ashwin Sheth Group is Rs 3,800 crore.
How many new property sale transactions were recorded in Goregaon West in the last year?
In the last year (April 2024–March 2025), Goregaon West recorded 1,300 new property sale transactions.
What is the property rate in Goregaon West as of Q1 CY25?
The property rate in Goregaon West as of the first quarter of the calendar year 2025 (Q1 CY25) is Rs 35,208 per square foot.
How many towers will be included in the development project?
The development project will feature five towers, including four 44-floor towers and one 60-floor tower.
What is the current status of Ashwin Sheth Group's IPO plans?
Ashwin Sheth Group is exploring plans for an initial public offering (IPO), which is expected to be 12 to 18 months away. The company is currently creating a substantial portfolio and is in discussions with merchant bankers and legal counsel.
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