Fashion designer Sandeep Khosla, one of the co-owners of the popular label Abu Jani and Sandeep Khosla, has recently acquired a luxury apartment located in Mumbai’s upscale Juhu area for over Rs 25.75 crore.
The apartment, which spans 4,166 sq ft, is situated in the ready-to-move Rustomjee Elements development off Juhu Versova Link Road. The project is spread over three acres and contains only 173 residences. The property transaction was finalized and registered on March 20, as per documents available on Zapkey.com. Stamp duty of over Rs 1.54 crore was levied on the property.
In recent months, the sale of luxury properties has seen a significant rise, particularly in February and March, after the announcement in the Union Budget 2023-24 to cap the deduction from capital gains on investments in residential property at Rs 10 crore from April 1.
ET reached out to Khosla’s team and Rustomjee Group, the project’s developer, but did not receive any response by the time of going to press.
Sandeep Khosla and his business partner Abu Jani are renowned figures in the Indian fashion industry, catering to a diverse clientele ranging from industrialists to leading Bollywood personalities. Their company ABSA Fashions has recently signed a long-term lease of five years to occupy 18 floors of office space in Mumbai’s western suburb of Goregaon, for which they will be paying rentals of over Rs 60 crore excluding escalation. The rentals will increase by 12% after the first 36 months, as per the agreement.
In April 2022, Reliance Brands acquired a 51% stake in their designer label, although both Jani and Khosla will continue to lead the brand’s design and creative direction.
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