Etonhurst Capital buys 37 luxury apartments in Mumbai's Worli in record buyout
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Etonhurst Capital
Partners has acquired over 37 ready-to-move-in luxury apartments in a super-premium residential project in Mumbai's plush Worli locality for over Rs 500 crore.
The deal marks the first inventory buyout transaction by an institutional investor in the country's burgeoning luxury housing market.
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Etonhurst has acquired the portfolio of these apartments from Piramal Finance, the non-banking finance company of Piramal Group that had received the inventory as part of its debt settlement pact with the project's developer Omkar Realtors & Developers.
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The transaction involves apartments in towers A and B of Omkar 1973 that have already received occupation certificates from the Mumbai civic authority. The portfolio comprises a mix of three- and four-bedroom residences with carpet areas ranging from 2,000 sq ft to 3,800 sq ft, spanning a total of around 80,000 sq ft.
Etonhurst plans targeted refurbishments to align the apartments with current luxury standards before marketing them for sale. The deal involves around Rs 50 crore earmarked for this upgrade before sales of these apartments.
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'Etonhurst has access to pools of capital for opportunistic value-driven deals. Investments such as Omkar 1973 fits into such a strategy. This is a strategic play in a high-demand micro-market. With upgrades and patient capital, these ready apartments can bridge the value gap with comparable luxury developments in the area,' Bamashish Paul, co-founder, managing partner & CEO of Etonhurst Capital Partners, told ET.
The project was launched as a three-tower development with expansive layouts and premium amenities, and is amongst one of Worli's prime locations. While towers A and B are complete and are already occupied by residents including a community of professionals and business families, the third tower remains unfinished.
And therefore, despite its prime location, the development is currently trading below Worli's prevailing luxury pricing, where new and under-construction projects are selling between Rs 1.20 lakh and Rs 1.80 lakh per sq ft.
Industry experts say large inventory buyouts in the luxury segment remain rare due to the limited supply of ready OC-approved units. This deal reflects growing investor appetite for undervalued premium assets, particularly in established locations benefiting from infrastructure upgrades like the coastal road and metro network.
ET's email query to Piramal Finance remained unanswered until the time of going to press.
According to property consultants, the deal is based on the opportunity to unlock value given the project's OC-approved status, ready inventory and discounted pricing. The firm may refurbish the interiors, enhance fit-outs and adopt a phased sale strategy to maximise returns.
Mumbai continues to dominate the country's real estate market maintaining its streak of record-breaking transactions backed by unwavering demand from buyers despite steady growth in property prices and the government's recently announced hike in ready reckoner (RR) rates from April 1.
South and central Mumbai, home to India's costliest residences, have been at the forefront of this boom, attracting a string of high-value deals involving industrialists, senior corporate leaders, film stars and sports icons in recent years.
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