Sheth developers split due to family dispute

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Splitting of familyrun real estate businesses appears to be a growing phenomenon . The three low-profile brothers of the Rs 3,000-crore Sheth Developers Pvt Ltd (SDPL) have reportedly split and the separation is said to have been amicable. Industry sources said the parting was a result of differences in business vision of the three brothers-Ashwin , Vallabh and Jitendra Sheth. While Ashwin, managing director of SDPL, and Vallabh , director, denied the split, they confirmed the setting up of two firms. They said it will not affect the firm’s existing projects. “We are jointly completing all the projects at hand and only acquiring new projects separately,” they said in separate communications. Jitendra, too, is a director in the firm. This is how the business has been reportedly bifurcated . SDPL, the parent company where the brothers hold 33% stake each, will continue to exist till the ongoing projects are complete. The brothers have set up two realty firms, which will bid for new projects and land acquisitions separately. Ashwin, eldest of the three, has set up Seth Corp, which he will operate jointly with son Chintan. He has an office in Vile Parle. Ashwin’s brothers, Vallabh and Jitendra , have…

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