Under the leadership of Ashwin Sheth,the company has created some of the largest townships, major complexes and tallest skyscrapers keeping in sync with the market trends. Recounting his professional journey of more than three decades Ashwin Sheth shared, “It’s been 37 years I have been dedicated to the real estate business. After moving from Kutch with my brothers, in 1984 we forayed in real estate business in Pune and constructed two buildings there. In 1987, we decided to shift to the bigger real estate market of Bombay and constructed our first building in Borivali of about seven or eight apartments on a small plot. Our highlight project was Vasant Nagri, a 1.15 million-sq-ft township in Vasai in 1997. Starting from a single small building to expansive gated community. The journey lasted for over 25 years.”
What has been the reason for recent rebranding initiative of Ashwin Sheth Group?
Post-separation of the business from my brothers in 2010, to differentiate our company we have used ‘Ashwin’ as the prefix. And thus, the Ashwin Sheth Group. Moving forward, we have a new vision for the company to rank among the top ten developers in the country and top five in Mumbai within three to five years. The rebranding and new logo signify the endeavour to align all our stakeholders from team members, financers to our suppliers, contractors and consultants to this new mission statement. It will give a fresh new face to the company that will align with its new vision. And I am proud to say, our highly motivated and self-driven team of 475 employees is working collaboratively to achieve our company's goals and expansion plans in this new innings of the company.
Brief us on Thane Platinum Belt, one of the companies most successful projects.
Our Thane platinum belt stands out as a unique concept. We started with acquiring 55 acres on Ghodbunder Road from Tata in 2002, where their Voltas Switchgear com- pany once stood. This land now hosts the successful Viviana Mall, one of Mumbai’s top retail destinations. We're developing diverse residential projects to cater to all segments from high-end residential of luxurious three to five-bedroom apartments to more compact options like Studio Apartments. All these developments form part of our thriving platinum belt community. The location is strategic with its proximity to most reputed school of Thane, a hospital and being right at the Eastern Express Highway. Additionally, the mall adds significant value to the residents by offering all essential facilities.
We are now in the final phase of this development, with all buildings set to be handed over within the next two and a half years, including six by December 2024. The remaining buildings are scheduled for completion within two years. We started at ?900/sqft rate in 2002 and have now reached ?22,000/sqft rate which means our buyers have been able to earn a considerable appreciation for their properties.This project also marked our success in retail segment. Our strategic partnership for Viviana mall with GIC was highly profitable, yielding significant capital gains from our sale to AIDA in 2020-21.
What are the current and future focus markets for the group?
We're currently active in areas from Dadar to Borivali and Ghatkopar to Thane, with new projects in Andheri, Juhu, Borivali, and Kandivali. These strategic locations prom- ise the best possible environments as we undertake minimum half a million square feet of area for development. Given that vacant lands in Mumbai are exceedingly rare, our major prospects lie in SRA projects, redevelopment of old buildings and old mill lands. Currently, we're planning a development in Sewri and are exploring other promising areas. We aim for 30-40-acre township or a gated community projects with every conceivable amenity. Additionally, we're planning expansion in Bangalore, where we've signed two projects, followed by plans for Pune and Hyderabad.
What is the company’s investment strategy for its projects?
Most of our projects are in partnership to keep the capital investments low. Our development expertise unlocks property potential in terms of design, development, approval, sales, handover, and capital release. This collaboration is attracting more small developers to us for joint developments where they have the land and require our con- struction & development know-how.We are also planning to invest about Rs 3000 crores in coming three years’ time that will include company's own capital and funds from equity partners.We're planning an IPO in next 18 to 24 months. Despite challenges, our company grew threefold last year with collections reaching Rs1500 crore. We are targeting Rs 2000 crore next year. Looking ahead, we are eager about new opportunities in commercial leasing and retail expansion, alongside our 14 residential projects.
How do you see the potential of Mumbai real estate in the next few years?
Over the past decade, Mumbai has seen remarkable infrastructure development, boosting real estate growth across the city. This trend is expected to continue with gov- ernment focus on many new infrastructure projects that will increase connectivity by road and metro. In terms of real estate industry, we are seeing consolidation with only a handful of prestigious developers in the market, Mumbai's real estate landscape is becoming more structured. Strict regulations from RERA ensure customers feel safe and transactions are transparent. This improved professionalism makes buying property more appealing for customers, who are now more informed and aware than ever. As a result, customers receive excellent deals and high-quality products.
The continuous demand supports a stable real estate market and gradual price increase. I do not foresee any substantial price correction. However, with opening of land parcels due to redevelopment and ease of connectivity to suburbs, there has been a reduction in price difference between various locations. In previous years, there used to be significant price differences. For instance, if Thane was Rs 1 per sqft, Dadar was Rs 5, and South Bombay ?10. This disparity has come down remarkably shrinking the price gap to around 30% across regions. As a result, people prefer more affordable areas.
In what unique ways is Ashwin Sheth Group catering to its customers?
For any real estate customer, trust in the developer is crucial, followed by the importance of location. Each buyer has specific location requirements, which makes com- petition fierce. All developers offer multiple luxury amenities, making it tough to stand out. What differentiates us, is the location, reputation, and our track record.
In Mumbai's transparent market, you can't overpromise without facing exposure. Buyers are well-informed and tech-savvy, especially with RERA ensuring nothing is hidden. In our projects, location is paramount, followed by size—we only undertake mid to large-scale developments starting from half a million square feet. Design and customer satisfaction are our next focus areas, ensuring high-quality, long-lasting outputs and top-tier amenities. Over the past 20 years, our dedication to construction excel- lence has established us in Mumbai as a coveted real estate firm.
Lastly, what are your expectations from the upcoming Union Budget?
The central government largely operates on a pan-India basis, with states like Maharashtra relying heavily on state government policies. Despite implementing GST, I don't foresee a reduction in costs; however, the Modi administration has been proactive in promoting affordable housing for the middle and lower classes. I hope this budget will bolster affordable housing, especially beyond Mumbai's metropolitan region.
We're planning an IPO in next 18 to 24 months. Despite challenges, our company grew threefold last year with collections reaching ?1500 crore. We are targeting ?2000 crore next year. Looking ahead, we are eager about new opportunities in commercial leasing and retail expansion, alongside our 14 residential projects.
Milestone Projects
- The 50-acre Thane Platinum belt has put the suburb in the most desirable location of Mumbai.
- Launch of Viviana Mall in 2012 catapulted the company in the league of all round developers.
- Sheth Avalon, the luxury residential at Thane Platinum belt has brought luxe of South Mumbai to suburbs with Sussane Khan designed interiors.
- Sheth Cnergy a premium commercial development at Thane Platinum Belt is poised to be a bustling new centre of commerce.
