STRIDES IN THE RIGHT DIRECTION

Chintan Sheth, director, Ashwin Sheth Group, has worked tirelessly to build a reputation for quality development

- JAYASHREE KINI MENDES

Astute and discerning. That would sum up the characteristics that has brought the Ashwin Sheth Group this far. At a time when reputed devel-opers continue with familiar and comfortable models of development (ultimately leading to inventory pile-up), the Sheth Group (an Ashwin Sheth initiative) has refashioned itself to move with the changing times.

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.