Singapore Investment Firm PAG Injects ₹540 Crore into Mumbai's Premium One Marina Project at Marine Lines - Ashwin Sheth Group Secures 50% Stake

Singapore-based alternative investment giant PAG has reportedly committed ₹540 crore ($65 million) to finance the construction and development of 'One Marina,' a landmark luxury residential project in Mumbai's prestigious Marine Lines district. The funding comes as Ashwin Sheth Group acquires a 50% stake in the ₹2,300 crore gross development value project.

Strategic Partnership Reshapes South Mumbai's Premium Housing Landscape

The funding arrangement has facilitated the exit of the project's previous lender, J.C. Flower ARC, effectively paving the way for Ashwin Sheth Group to steer the project's future course. This strategic partnership represents one of the most significant private equity investments in Mumbai's luxury residential segment in 2025.

One Marina is expected to rise as a magnificent 70-story tower offering unparalleled Arabian Sea views from Mumbai's iconic Marine Drive, positioning itself as a premier landmark in Mumbai's famous skyline with residences commanding panoramic views of the Arabian Sea.

Project Specifications and Premium Positioning

The ultra-luxury development will reportedly feature 2, 3, 3.5, 4 and 5-bedroom homes, with lifestyle amenities at the Ground and E-deck levels, including an infinity pool with stunning sea vistas. The first habitable floor is said to start 144 feet above sea level, while a sky lounge awaits on the 61st floor, offering residents exclusive elevated living experiences.

The project comprises 221-224 units spread across the towering structure, with apartment sizes ranging from 859 square feet to over 2,400 square feet. Pricing is reported to start from ₹2.15 crore for 2BHK units and extends up to ₹15.4 crore for premium configurations, reflecting the project's positioning in Mumbai's ultra-luxury segment.

PAG's Expanding India Footprint

This investment aligns with PAG's broader India strategy, where the firm has been actively deploying capital across multiple sectors. PAG acquired a 51% stake in Edelweiss Wealth Management (now Nuvama Wealth Management), India's second-largest non-bank wealth management business, for $300 million in 2020. More recently, PAG acquired majority stakes in Pravesha Industries for $200 million and Manjushree Technopack for $1 billion, highlighting its focus on India's packaging sector.

PAG currently manages $55 billion in assets globally across real assets, credit, and private equity, making it one of Asia's largest alternative investment firms. The firm recently closed its tenth Asia-focused opportunistic real estate fund at $4 billion in February 2025, exceeding its $3.5 billion target.

Strategic Location Advantages

Marine Lines represents one of Mumbai's most coveted addresses, offering residents unparalleled connectivity and lifestyle advantages. The project provides exceptional connectivity with Marine Lines Railway Station just 2 minutes away, VT Railway Station 5 minutes away, and upcoming Metro Station within 5 minutes. The Mumbai Coastal Road (upcoming) is 5 minutes away, Eastern Freeway 7 minutes, and Marine Drive just 1 minute from the development.

The strategic location places residents within easy reach of Mumbai's financial districts, with Fort/Colaba just 5 minutes away and major business hubs within 10 minutes.

Market Context and Industry Outlook

The investment comes at a time when Mumbai's luxury real estate market is experiencing renewed momentum. Property rates in Marine Lines range between ₹20,000-₹80,000 per square foot for residential properties, with rental demand commanding ₹30,000-₹53,000 per month for premium homes.

Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, was quoted as saying, "With One Marina, we aim to create a truly exceptional living experience, making it one of the most premium residential addresses in South Mumbai. This project demonstrates our strategic focus on South Mumbai with multiple other upcoming projects to redefine the luxury/ultra-luxury segment".

Development Timeline and Market Impact

The project is currently under construction with possession expected in March 2024 to October 2025, though recent developments suggest the timeline may extend into 2026. The development will feature ample parking with 8 podiums and 2 basement levels, ensuring convenience for residents.

This partnership between PAG and Ashwin Sheth Group signals continued institutional confidence in Mumbai's premium real estate market, particularly in established micro-markets like Marine Lines that offer both heritage appeal and modern connectivity infrastructure.

The project's success will likely influence future luxury developments in South Mumbai, setting new benchmarks for ultra-high-end residential offerings in one of India's most expensive real estate markets.

PAG's ₹540 crore investment in One Marina represents a significant vote of confidence in Mumbai's luxury real estate market, creating what could become one of South Mumbai's most prestigious residential addresses while expanding PAG's growing India portfolio across real estate and other sectors.