sandeep khosla: Fashion designer Sandeep Khosla buys luxury apartment in Mumbai’s Juhu

Fashion designer Sandeep Khosla, co-owner of label Abu Jani and Sandeep Khosla, has purchased a luxury apartment in a premium residential project Rustomjee Elements located in Mumbai’s plush Juhu locality for over Rs 25.75 crore.

The apartment spread over 4,166 sq ft in C wing of the ready-to-move development off Juhu Versova Link Road has attracted stamp duty of over Rs 1.54 crore. The gated project spread over 3 acres has just 173 residences.

The designer has concluded and registered the transaction on March 20, showed the documents accessed through Zapkey.com.

Sale of luxury properties had gone up significantly in February and March following the announcement in Union Budget 2023-24 to limit the deduction from capital gains on investment in residential property to Rs 10 crore from April 1.

ET’s email queries to Khosla’s team and the project’s developer Rustomjee Group remained unanswered until the time of going to press.

The designer duo’s company ABSA Fashions recently picked up a total 18 floors of office space in Mumbai’s western suburb Goregaon through a long-term lease of five years.

The company will be paying rentals of over Rs 60 crore for this office space spread over more than 102,000 sq ft through the lease term excluding the escalation. As per the agreement, the rentals will see a 12% escalation after the first 36 months.Abu Jani and Sandeep Khosla are among the iconic names in the Indian fashion industry with clientele in influential circles of industrialists to leading Bollywood personalities. In April 2022, Reliance Brands entered into a definitive agreement to acquire 51% stake in their designer label.

Even though it would acquire a controlling stake, Reliance Brands had said both Jani and Khosla will continue to spearhead the design and creative direction of the brand.