Mumbai real estate firm Ashwin Sheth Group on Tuesday announced an investment of around Rs 5,000 crore to expand its business and plans to launch its first public issue in the next 18-24 months to raise up to Rs 3,000 crore.
The Mumbai-based company said it achieved sales bookings of around Rs 1,500 crore during the last fiscal year, three times more than in the 2022-23 financial year.
"We aim to double our sales bookings to Rs 3,000 crore in the current financial year 2024-25," company CMD Ashwin Sheth told reporters here.
He said the company plans to expand its business portfolio in the Mumbai Metropolitan Region (MMR) and is foraying into Bengaluru, Delhi-NCR.
It is also exploring entering Hyderabad, Chennai and Goa.
"We are planning to launch an Initial Public Offering (IPO) in the next 18-24 months," Sheth said, adding that the company intends to raise Rs 2,000-3,000 crore through public issue.
Ashwin Sheth Group will also enter other segments like warehousing.
"India's real estate market has long been a key driver of economic growth, contributing significantly to the country's GDP. With Mumbai leading the luxury market and the real estate industry experiencing positive momentum, we decided this was the perfect time to move to the next level," said Sheth.
Bhavik Bhandari, sales and marketing director, Ashwin Sheth Group, said, "We will invest Rs 4,500-5,000 crore in the next 3-5 years in land acquisition and to cover construction costs."
He said the company is expanding aggressively in the MMR region and will soon launch projects in Kandivali, Borivali, Sewree, Juhu, 7 Rasta, Marine Drive, Nepean Sea Road, Goregaon, Thane, Mulund and Mazagaon.
Bhandari said the company is acquiring land in cities to expand the business.
The acquisition is being made through joint development agreements (JDAs) with landowners.
He said the company is also expanding its product portfolio into residential, commercial, municipal, villas, retail, mixed-use, country houses, co-working spaces, second homes and warehouses.
Ashwin Sheth Group, founded in 1986, has developed more than 80 luxury projects in India and Dubai.
It is currently developing an area of 6.5 million square feet.
The Mumbai-based company said it achieved sales bookings of around Rs 1,500 crore during the last fiscal year, three times more than in the 2022-23 financial year.
"We aim to double our sales bookings to Rs 3,000 crore in the current financial year 2024-25," company CMD Ashwin Sheth told reporters here.
He said the company plans to expand its business portfolio in the Mumbai Metropolitan Region (MMR) and is foraying into Bengaluru, Delhi-NCR.
It is also exploring entering Hyderabad, Chennai and Goa.
"We are planning to launch an Initial Public Offering (IPO) in the next 18-24 months," Sheth said, adding that the company intends to raise Rs 2,000-3,000 crore through public issue.
Ashwin Sheth Group will also enter other segments like warehousing.
"India's real estate market has long been a key driver of economic growth, contributing significantly to the country's GDP. With Mumbai leading the luxury market and the real estate industry experiencing positive momentum, we decided this was the perfect time to move to the next level," said Sheth.
Bhavik Bhandari, sales and marketing director, Ashwin Sheth Group, said, "We will invest Rs 4,500-5,000 crore in the next 3-5 years in land acquisition and to cover construction costs."
He said the company is expanding aggressively in the MMR region and will soon launch projects in Kandivali, Borivali, Sewree, Juhu, 7 Rasta, Marine Drive, Nepean Sea Road, Goregaon, Thane, Mulund and Mazagaon.
Bhandari said the company is acquiring land in cities to expand the business.
The acquisition is being made through joint development agreements (JDAs) with landowners.
He said the company is also expanding its product portfolio into residential, commercial, municipal, villas, retail, mixed-use, country houses, co-working spaces, second homes and warehouses.
Ashwin Sheth Group, founded in 1986, has developed more than 80 luxury projects in India and Dubai.
It is currently developing an area of 6.5 million square feet.
