Real estate investment management firm Etonhurst Capital Partners has acquired over 37 luxury apartments in a high-end residential project located in the upscale Worli area of Mumbai for more than Rs 500 crore.
This acquisition marks the first inventory buyout by an institutional investor in India’s growing luxury housing sector.
Etonhurst purchased these apartments from Piramal Finance, a non-banking finance company under the Piramal Group, which had acquired the inventory as part of a debt settlement agreement with the project’s developer, Omkar Realtors & Developers.
The transaction consists of units in towers A and B of Omkar 1973, which have already received occupancy certificates from the Mumbai civic body. The apartments offer a variety of three- and four-bedroom units, with carpet areas ranging from 2,000 sq ft to 3,800 sq ft, totaling approximately 80,000 sq ft.
Etonhurst intends to undertake targeted refurbishments to align these apartments with current luxury standards prior to their sale, allocating around Rs 50 crore for these enhancements.
“Etonhurst has access to capital pools for value-driven investment opportunities. Acquisitions like Omkar 1973 fit into this strategy. It’s a strategic move in a high-demand micro-market. With necessary upgrades, these ready apartments can compete effectively with luxury developments in the vicinity,” stated Bamashish Paul, co-founder, managing partner, and CEO of Etonhurst Capital Partners, in an interview with RealtyDailyNews.
The project was initiated as a three-tower development featuring expansive layouts and luxurious amenities, making it one of Worli’s most desirable locations. While towers A and B are complete and occupied by residents, including professionals and business families, the third tower is still under construction.
As a result, despite its prime location, the development is currently priced below the prevailing luxury rates in Worli, where new and upcoming projects range from Rs 1.20 lakh to Rs 1.80 lakh per sq ft.
Industry experts indicate that large inventory buyouts in the luxury market are rare due to the limited availability of ready OC-approved units. This deal showcases a growing investor interest in undervalued premium assets, particularly in well-established areas with infrastructure enhancements like the coastal road and metro network.
RealtyDailyNews’s email inquiry to Piramal Finance went unanswered by the time of publication.
Property consultants note that this deal capitalizes on the opportunity to unlock value given the project’s OC-approved status, ready inventory, and favorable pricing. Refurbishments may include interior upgrades, enhanced fittings, and a phased sales strategy to optimize returns.
Mumbai continues to lead the nation’s real estate market with record-breaking transactions driven by sustained buyer demand, even amidst rising property prices and a recently announced increase in ready reckoner (RR) rates effective from April 1.
South and central Mumbai, home to India’s most expensive residences, have been key players in this market boom, attracting a wave of high-value transactions involving industrialists, corporate leaders, celebrities, and sports icons in recent years.
