Real estate investment fund management platform 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. 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. 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. 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. 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.

https://www.livehomes.in/news_letter