Ashwin Sheth to invest Rs 5,000 cr to expand realty biz; to launch up to Rs 3,000 cr IPO in 2 yrs

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Mumbai, Jul 9 (PTI) Realty firm Ashwin Sheth Group on Tuesday announced an investment of around Rs 5,000 crore to expand its business and plans to launch its maiden public issue in the next 18-24 months to raise up to Rs 3,000 crore.

The Mumbai-based company said it has achieved sales bookings of around Rs 1,500 crore during the last fiscal, a three-fold increase from the 2022-23 financial year.

"We are targeting to double our sales bookings to Rs 3,000 crore in the current 2024-25 fiscal," the company's 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 to enter 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 the public issue.

Ashwin Sheth Group will also enter into other segments like warehousing.

"India's real estate market has long been a key driver of economic growth, significantly contributing to the country's GDP. As Mumbai leads the luxury market and the real estate industry experiences positive momentum, we decided this was the perfect time for us to move onto the next level," Sheth said.

Bhavik Bhandari, Chief Sales and Marketing Officer at Ashwin Sheth Group, said, "We will invest Rs 4,500-5,000 crore in the next 3-5 years on land acquisition and to meet construction cost." He said the company is aggressively expanding in the MMR region and would 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 across cities to expand business.

The acquisition is through both outright and Joint Development Agreements (JDAs) with landowners.

He said the company is also expanding its product portfolio across residential, commercial, township, villas, retail, mix-use, farm-houses, co-working spaces, second homes and warehousing.

Ashwin Sheth Group, founded in 1986, has developed more than 80 luxury projects in India and Dubai.

It is currently developing a 6.5 million square feet area. PTI MJH SHW