Etonhurst Capital Acquires 37 Luxury Apartments in Mumbai’s Prestigious Worli
Etonhurst Capital Partners has made a significant investment in Mumbai’s luxury real estate market by acquiring 37 ready-to-move-in apartments in the Worli area for over Rs 500 crore. This marks the first inventory buyout by an institutional investor in the luxury housing sector.
Real EstateLuxury ApartmentsMumbaiEtonhurst CapitalInvestmentReal Estate MumbaiAug 12, 2025
Etonhurst has acquired the portfolio of these apartments from Piramal Finance, the non-banking finance company of Piramal Group. Piramal Finance had received the inventory as part of its debt settlement agreement with the project’s developer, Omkar Realtors & Developers. The transaction involves apartments in towers A and B of Omkar 1973, which 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 the apartments are put up for sale.
“Etonhurst has access to pools of capital for opportunistic value-driven deals. Investments such as Omkar 1973 fit 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 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. 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.
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 maximize 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.
Frequently Asked Questions
What is the significance of Etonhurst Capital's acquisition of 37 luxury apartments in Worli?
This acquisition marks the first inventory buyout by an institutional investor in the luxury housing market in Mumbai, indicating a growing interest in undervalued premium assets in established locations.
How much did Etonhurst Capital pay for the 37 apartments in Worli?
Etonhurst Capital paid over Rs 500 crore for the 37 ready-to-move-in luxury apartments in the Worli area of Mumbai.
What are the plans for the acquired apartments?
Etonhurst plans to refurbish the apartments to align them with current luxury standards before marketing them for sale, with around Rs 50 crore earmarked for upgrades.
Why is the inventory buyout in the luxury segment rare?
Large inventory buyouts in the luxury segment are rare due to the limited supply of ready occupation certificate (OC)-approved units, making this deal particularly noteworthy.
What is the current pricing trend in Worli's luxury real estate market?
New and under-construction projects in Worli are currently selling between Rs 1.20 lakh and Rs 1.80 lakh per sq ft, making the acquired project, which is trading below this range, an attractive investment opportunity.
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