Nisus Finance, an alternatives manager, has recently invested ~INR 60 Cr in a premium residential project EON ONE, in Prabhadevi, being developed by EON Group. EON Group (previously known as Siddharth Group) is promoted by Bharat Shah and Palash Shah, with a legacy spanning 30+ years and delivery of approx. 11 Million square feet of primarily residential space in various micro-markets of MMR. Currently the Group has 1 Million square feet under development.
The investment by Nisus Finance is in their project called “EON ONE”, a premium and iconic residential project strategically located just footsteps from Siddhivinayak Temple in Prabhadevi. The Project has 9 Podiums with ample car parking, a dedicated amenity floor and 24 habitable floors offering contemporary and efficiently designed, sea-facing 2 & 3 BHKs. This offering is unique for the prime market of Prabhadevi given its timeless location, attractive ticket size, modern amenities, exclusivity of only 3 homes per floor, fast-paced construction and delivery with all approvals in place. Nisus Finance’s investment is aimed at accelerating and quickly delivering the Project.
Nisus Finance has invested with prominent listed developers like Shriram Properties and Purvankara besides other key developers in Mumbai.
Amit Goenka, CEO Nisus Finance stated, “Our investments are targeted at value-based developments such as EON ONE, Prabhadevi. EON ONE brings forth a superior project delivery pace, quality of construction and amenities in a fantastic location generating tremendous demand from consumers. Our investment in this Project is uniquely structured to provide superior return to all stakeholders and timely delivery of the Project. EON Group has a fantastic track record with a strong balance sheet. The group led by dynamic Chairman Mr. Bharat Shah, with his hand on approach and laser sharp focus, has always outperformed the broader markets as well as our own expectations.”
Bharat Shah, Chairman, EON Group, added, “The partnership with Nisus Finance is very valuable in delivering and exceeding the promise of our Project EON ONE. Their immense understanding, sophistication and deep engagement with the real estate sector will help us make EON ONE a landmark development in Prabhadevi.”
Palash Shah, MD, EON Group, added, “Nisus Finance’s adeptness in structuring real estate investments is a key factor in bringing this unique project to life. We are confident that Nisus is the right capital partner to unlock maximum value from this project while swiftly delivering a very special and superior product.” Prior to joining his father at Eon Group, Mr. Palash Shah previously held positions in real estate private equity at Brookfield Asset Management and Starwood Capital Group. He is an alumnus of The Wharton School at the University of Pennsylvania.
