Etonhurst Buys 37 Luxury Worli Apartments for INR 500 Crore

Etonhurst Capital Partners, an investment fund management platform, has acquired over 37 ready-to-move-in luxury apartments in Mumbai’s upscale Worli locality for more than Rs.500 crore, marking the first large-scale inventory buyout by an institutional investor in India’s luxury housing market.

The apartments, in Towers A & B of Omkar 1973, were bought from Piramal Finance, which had obtained them as a result of a debt restructuring with developer Omkar Realtors & Developers. With occupation certificates already in position, the portfolio covers about 80,000 sq ft with three and four bedroom homes of 2,000 to 3,800 sq ft per unit. 

Key highlights:

• Etonhurst Capital Partners acquires 37 ready-to-move luxury apartments in Worli for  more than Rs.500 crore from Piramal Finance
• Units in Omkar 1973 bought below prevailing market rates, Rs.50 crore to be invested in upgrades
• Deal marks first large-scale luxury inventory buyout by an institutional investor in India

Etonhurst will further invest Rs.50 crore on renovations to comply with present luxury expectations prior to selling the units. "Etonhurst has access to pools of capital for opportunistic value-driven deals. Investments like Omkar 1973 make sense in such a strategy. This is a strategic bet in a high-demand micro-market," said Bamashish Paul, Co-founder, Managing Partner & CEO of Etonhurst Capital Partners.

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Despite its prime location, Omkar 1973 is trading below Worli’s prevailing luxury rates of Rs.1.20 to Rs.1.80 lakh per sq ft, partly because its third tower remains unfinished. Property consultants say the deal capitalises on ready, OC-approved inventory at a discount, with potential to unlock value through targeted upgrades and a phased sales strategy.

Experts point out that this is a rare case of bulk purchases owing to limited availability, but the luxury housing market in Mumbai keeps growing, sustained by high-end buyers, infra projects like the coastal road and metro, and strong demand in South and Central Mumbai.