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fashion designer Sandeep Khoslalabel co-owner Abu Jani And Sandeep Khoslahas bought a luxury apartment in a premium residential project Rustomjee Elements Located in Mumbaiis luxurious Juhu localities for over Rs 25.75 crore.
4,166 sq ft apartment in ready-to-move development of K C Wing Juhu Stamp duty of more than Rs 1.54 crore has been imposed on Versova Link Road. Spread over 3 acres, the gated project has only 173 residences.
The designer concluded and registered the transaction on March 20, showed documents accessed through Zapkey.com.
Sales of luxury properties had increased significantly in February and March following the announcement in the 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 queries sent to Khosla’s team and the project’s developer Rustomjee Group remained unanswered at the time of writing.
The designer duo’s company, ABSA Fashion, recently took a total of 18 floors of office space. Mumbaiwestern suburb Goregaon by way of long term lease of five years.
The company will pay a total rent of over Rs 60 crore for this office space spread over 102,000 sq ft through the lease term which does not include escalation. As per the agreement, there will be a 12 per cent increase in the rent after the first 36 months.
Abu Jani And Sandeep Khosla is among the iconic names in the Indian fashion industry, whose clients range from prominent Bollywood personalities to influential circles of industrialists. In April 2022, Reliance Brands entered into a definitive agreement to acquire a 51% stake in its designer label.
Even though it will acquire a controlling stake, Reliance The brands had said that both Jani and Khosla would continue to lead the design and creative direction of the brand.
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