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19 Nov 2024
Realty firm Ashwin Sheth Group announced a Rs 5,000 crore investment for business expansion and plans to launch its first public issue within the next 18-24 months to raise up to Rs 3,000 crore.
The Mumbai-based company reported sales bookings of around Rs 1,500 crore last fiscal, tripling from the previous year.
CMD Ashwin Sheth stated the company aims to double its sales bookings to Rs 3,000 crore in the current fiscal year 2024-25. The expansion will focus on the Mumbai Metropolitan Region (MMR) and new ventures in Bengaluru and Delhi-NCR, with potential entries into Hyderabad, Chennai, and Goa.
The company plans to raise Rs 2,000-3,000 crore through the IPO. Additionally, Ashwin Sheth Group will diversify into segments like warehousing.
"Given Mumbai's leadership in the luxury market and the positive momentum in the real estate sector, now is the ideal time for us to advance," Sheth said.
Chief Sales and Marketing Officer Bhavik Bhandari noted that Rs 4,500-5,000 crore will be invested over the next 3-5 years for land acquisition and construction costs.
The firm is expanding aggressively in the MMR region with upcoming projects in several Mumbai locations including Kandivali, Borivali, Sewree, Juhu, and Marine Drive.
The company is acquiring land through both outright purchases and Joint Development Agreements (JDAs). It is also broadening its portfolio to include residential, commercial, township, villa, retail, mixed-use, farmhouse, co-working spaces, second homes, and warehousing projects.
Founded in 1986, Ashwin Sheth Group has developed over 80 luxury projects in India and Dubai and is currently developing 6.5 million square feet.
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