Fashion designer Sandeep Khosla buys apartment in Mumbai

Sandeep Khosla, co-owner of the Abu Jani and Sandeep Khosla label, has paid more than Rs 25.75 crore for a luxury apartment in the premium Rustomjee Elements residential project in Mumbai's plush Juhu district. The stamp duty on the flat in the C wing of the ready-made development at Juhu Versova Link Road was more than Rs 1.54 crore.

The gated community of 173 homes is spread over 3 hectares. On March 20, the designer completed and recorded the transaction, as evidenced by the documents accessible through Zapkey.com. Following the announcement in the 2023-24 Union budget to limit the deduction of capital gains on residential property investments to Rs 10 crore from 1 April, luxury property sales increased significantly in February and March.

ABSA Fashions, the designer duo's company, recently signed a five-year lease for a total of 18 floors of office space in mumbai's western suburb of Goregaon. The company will pay more than Rs 60 crore in rent for this office space spread over more than 102,000 square feet during the lease period, excluding escalation.

According to the agreement, rent increases by 12% after the first 36 months. Abu Jani and Sandeep Khosla are among the iconic names in the Indian fashion industry with clients in influential circles from industrialists to leading Bollywood personalities. In April 2022, Reliance Brands entered into a definitive agreement to acquire a 51% stake in their designer label.