Ashwin Sheth Group Secures ₹3,800 Crore Development Rights from MHADA in Mumbai
Mumbai-based Ashwin Sheth Group has acquired development rights from MHADA for a high-end residential project in Goregaon West, marking a significant step in their expansion strategy.
Real EstateAshwin Sheth GroupMhadaGoregaonLuxury ApartmentsReal Estate MumbaiJul 18, 2025
The project, spanning 4.05 acres, is set to become a premium residential destination with a gross development value (GDV) of ₹3,800 crore. The development will feature 12 lakh sq ft of RERA carpet area, distributed across five towers, including a signature 60-floor tower. The towers will range from 44 to 60 floors, offering a mix of 2 BHK, 3 BHK, and 4 BHK apartments ranging from 800 sq ft to 1,600 sq ft.
Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, expressed his enthusiasm for the project, stating, “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.”
Siddharth Nagar in Goregaon West is known for its excellent connectivity to major business districts, entertainment hubs, and transportation networks. The area has seen rapid infrastructure development and is becoming 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.
In a related development, Ashwin Sheth Group had earlier announced the acquisition of a 50% stake in One Marina, a luxury residential project in South Mumbai’s Marine Lines with a GDV of ₹2,300 crore. This acquisition was backed by substantial funding from PAG Singapore, an Asia-focused investment firm, which committed $65 million (over ₹540 crore) to support the construction and development of the project.
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. 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.
Ashwin Sheth Group's recent acquisitions and projects highlight its robust growth strategy and commitment to delivering high-quality, premium residential developments in Mumbai, catering to the diverse needs of the city's residents and investors.
Frequently Asked Questions
What is the total area of the project in Goregaon West?
The project in Goregaon West spans 4.05 acres.
What is the gross development value (GDV) of the Goregaon West project?
The gross development value (GDV) of the Goregaon West project is ₹3,800 crore.
What types of apartments will be available in the Goregaon West project?
The Goregaon West project will offer 2 BHK, 3 BHK, and 4 BHK apartments ranging from 800 sq ft to 1,600 sq ft.
What is the significance of the location in Siddharth Nagar, Goregaon West?
Siddharth Nagar in Goregaon West offers excellent connectivity to major business districts, entertainment hubs, and transportation networks, making it a preferred residential destination.
What is the GDV of the One Marina project in South Mumbai?
The GDV of the One Marina project in South Mumbai is ₹2,300 crore.
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