Real estate developer Ashwin Sheth Group has entered into a Rs 540 crore (USD 65 million) funding agreement with Asia-focused investment firm PAG to acquire a 50 percent stake in the stalled One Marina luxury residential project at Marine Drive, Mumbai.

The stake was acquired from Vallabh Sheth and Jitendra Sheth of Sheth Creators. The gross development value of the project stands at approx. Rs 2,300 crore. The funding will be used to resume construction of the 75-storey, one million sq. ft. development, which has reached the ninth podium level. A portion of the funds was also used to settle a loan from Yes Bank and facilitate the exit of JC Flowers ARC, a lender to the project.

YM Infra, the landowner, retains the remaining 50 percent stake. Ashwin Sheth Group will control 4,00,000 sq. ft. of saleable area. Chairman Ashwin Sheth said the move reflects the Group's commitment to redefining South Mumbai’s luxury real estate segment. The firm is actively pursuing more redevelopment projects in areas like Sewri.