Mumbai-based real estate developer Ashwin Sheth Group has acquired development rights from the Maharashtra Housing and Area Development Authority (MHADA) for a large-scale residential project in the Siddharth Nagar area of Goregaon West. The project, spread across 4.05 acres, will involve the construction of five residential towers and is expected to generate a gross development value (GDV) of ₹3,800 crore.
According to the company’s announcement on July 18, 2025, the development will offer a total RERA carpet area of 12 lakh square feet. The planned configuration includes 2 BHK, 3 BHK, and 4 BHK units with apartment sizes ranging from 800 sq ft to 1,600 sq ft. The layout will include five towers of 44 floors and one tower with 60 floors.
The Siddharth Nagar site is located in Goregaon West, a micro-market that has witnessed increasing demand for premium housing in recent years. With access to commercial zones, transit hubs, and civic infrastructure, the area has become a key residential destination in the western suburbs of Mumbai.
Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, described the project as a significant addition to the company’s development portfolio. He noted that the group’s entry into Goregaon West aligns with a broader strategy to focus on high-value urban redevelopment opportunities in Mumbai’s western corridor.
The acquisition from MHADA comes at a time when redevelopment projects on government-owned or public-sector land parcels are gaining traction, as private developers seek well-connected and sizable plots within the city limits. The development rights model allows builders to access large land parcels with clear titles and regulatory approvals, making it a preferred route for scaling residential supply in land-constrained metros like Mumbai.
The project is expected to target both end-users and investors. Goregaon West has evolved over the past decade from a mid-income location to one with rising demand for upper mid-scale and luxury housing, primarily due to the proximity to commercial hubs like Malad, Andheri, and BKC, as well as upcoming infrastructure such as Metro Line 2A.
In addition to residential space, the project is also expected to include amenities typically offered in premium housing developments, although the company has not disclosed detailed information about community facilities or phased delivery timelines at this stage.
This announcement follows a similar move by the group earlier in June 2025, when it acquired a 50% stake in One Marina, a luxury residential development in South Mumbai’s Marine Lines locality. That project, with a GDV of ₹2,300 crore, is being developed through a joint investment backed by PAG Singapore, an Asia-focused investment firm. PAG committed over ₹540 crore (approx. $65 million) towards that venture, facilitating the exit of distressed asset resolution firm J.C. Flowers ARC and enabling a fresh capital structure for the project.
With the Goregaon West project, Ashwin Sheth Group has now entered two of Mumbai’s high-value residential markets within a short span of time. The combined GDV of the two projects stands at over ₹6,000 crore, indicating a clear focus on large-ticket, urban-centric developments.
Ashwin Sheth Group, over the years, has built its portfolio primarily in the Mumbai Metropolitan Region, with a mix of residential and commercial developments. The group has also ventured into redevelopment projects and joint ventures with other developers and funding institutions.
The current acquisition adds further momentum to the growing interest among developers in MHADA redevelopment opportunities. MHADA has increasingly played the role of a facilitator, offering older housing societies and leasehold plots for redevelopment under joint ventures and public-private partnerships.
The announcement also comes at a time when the Mumbai real estate market has shown stable demand across segments, with developers focusing on higher efficiency layouts, timely delivery, and brand trust to appeal to a diverse buyer base.
The Goregaon West project is yet to receive its final environmental clearances and municipal permissions, but it is expected to be launched officially in phases over the next year, with pre-launch interest already being gauged through internal sales teams and channel partners. Pricing details for the apartments have not been shared publicly as of July 18.
With ongoing infrastructure upgrades in the western suburbs and increasing buyer interest in newer housing options with improved specifications, the Ashwin Sheth Group project in Goregaon West is positioned to tap into one of the city’s most active sub-markets.
The development also reflects a larger trend of private developers tying up with government agencies to unlock land for high-density housing solutions within the urban limits, rather than expanding into peripheral zones.
