ASG, YM Infra launch ₹2,800 cr luxury tower in Marine Lines, Mumbai

One Marina, a 74-storey project with a ₹2,800 crore GDV, marks ASG's push in South Mumbai as developers expand portfolios through joint ventures and acquisitions

Ashwin Sheth Group (ASG), in association with YM Infra, has launched a 74-storey luxury residential development in Marine Lines, a premium South Mumbai market, with a gross development value (GDV) of ₹2,800 crore.

 

Spanning approximately 1.5 million square feet (msf), One Marina – the project – is expected to be the tallest residential tower in its micro-market with a height of around 276 metres, ASG noted.

 

The project will comprise residences across 2-, 3- and 4-bed configurations, along with duplexes and penthouses, across ticket sizes ranging from ₹7 crore to ₹45 crore. At launch, pricing will start at ₹85,000 per square foot for select floors. Depending on floor height, it will range between ₹1,25,000 and ₹1,40,000 per square foot. Penthouses are exclusive and available only by invitation.

 

 

ASG and YM Infra are equal partners in the project with an aim of exiting the project by 2029. Earlier, in June last year, ASG acquired a 50 per cent stake in One Marina. Singapore-based alternative investment firm PAG committed funding of ₹540 crore for the project.

 

Bhavik Bhandari, Chief Business Officer, ASG, said, “The ₹540 crore credit line from PAG represents the total funding sanctioned for the project, but it does not mean the entire development cost is being met through that amount alone. The project is also funded through promoter equity and customer collections, all of which are deployed toward construction and related activities.”

 

So far, the two companies together have already invested approximately ₹450 crore in construction, marketing, sales, approvals and collateral; this amount is separate from the PAG credit line, Bhandari clarified.

 

The project was a stressed asset. Valencia & Mishal Ventures, a firm related to Vallabh Seth and Jitendra Sheth, was responsible for the project. 

 

ASG acquired equity from Vallabh Seth and Jitendra Sheth, who held ownership in Valencia & Mishal Ventures, while also providing an exit to the previous lender, JC Flowers ARC. Out of the ₹540 crore provided by PAG, “a very small amount” has been used to give exit to JC Flowers, some is used to pay statutory dues and some to the existing creditors to start the work.

 

Further, ASG is aiming to expand its South Mumbai portfolio through joint ventures, redevelopment and outright acquisitions, depending on the opportunities. The company is planning a 5 lakh square feet luxury project in Mahalaxmi, apart from its upcoming projects in Nepean Sea Road and Worli. It is also exploring locations such as Byculla and Prabhadevi.

 

Additionally, speaking about the current market momentum, Bhandari said, “I do not see a slowdown in the luxury and super-luxury segments. There may be rationalisation, but not a slowdown. Many recent launches in the city are in the luxury and ultra-luxury categories. Some investors who are unable to exit equity markets at preferred levels are waiting before allocating to real estate. However, both latent and actual demand in the luxury segment remain strong. I do not foresee a slowdown in the next three years.”