Having been in the real estate business for more than three decades speaks volumes about experience. Today, the Mumbai-based developer, with over 17 million sq-ft of development, and a strong presence in residential, is mulling commercial and retail spaces too. Chintan Sheth, director, Ashwin Sheth Group, says, “The real estate business is highly dynamic and volatile. A trend that began in the early 2000 was people’s migration to luxury projects. Though buyers then were few and far between as compared to today, most developers veered towards such developments. But then came the crash of 2008-09. It got us thinking. We changed strategy and began looking at homes for the aspirational. It worked well.”
While it’s true that developers (not listed on the bourses that is) do not reveal their turnover, the Sheths have made no bones about their business. With a current portfolio of Rs 4,000 crore, the Group announced in December that it will invest Rs 2000 crore over the next five years to create a portfolio worth Rs 10,000 crore. The idea is to de-risk the large concentration of residential business which the Sheth Group has made its forte.
LOOKING INWARD
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