Ashwin Sheth, the company’s Chairman and Managing Director, also plans to invest ₹4,500 crore within the next 3-5 years. ASG is growing into cities such as Delhi, Bengaluru, Hyderabad, Chennai, and Goa, with three projects in Bengaluru about to start and prospective new projects in Pune. ASG has signed 5–6 joint development agreements in its home city, Mumbai, including a 1 million sq ft project in Kandivali with a revenue potential of ₹3,500 crore, a 3 million sq ft project in Sewri expected to yield ₹7,000–8,000 crore, and another in south Mumbai of ₹1,200–2,000 crore, said Bhavik Bhandari, Chief Sales and Marketing Officer.
In FY24, ASG reported sales revenue of ₹1,486 crore, three folds higher than the previous year’s figure. Over the next five years, the company will expand its business fivefold and boost volumes threefold, with profitability and margins expected to rise by 10-15%. By the end of this expansion phase, ASG expects to have a portfolio of 40-45 million square feet.
ASG currently generates 70-75% of its revenue from premium projects, 15% from luxury projects, and the remaining from mid-income homes. However, this distribution is expected to change, with the premium segment’s contribution decreasing to 50-55%.
Ashwin Sheth highlighted the long-term demand for housing, which is driven by economic growth and reasonable home price increases, together with rising raw material costs. The company’s strategic diversification plans include expanding into the markets for second homes, vacation homes, plotted developments, Grade A commercial office spaces, and warehousing. ASG also plans to vigorously search for joint ventures and the redevelopment of older buildings in the Mumbai Metropolitan Region (MMR), said Bhavik Bhandari.
The company currently has approximately ₹400 crore and has 3.5 million sq ft of under-construction projects. This upcoming IPO and strategic expansion represent a significant milestone in ASG’s growth path. It allows the company to capitalize on the positive momentum in India’s real estate market.
