FCC

Fashion designer Sandeep Khosla buys apartment in Mumbai

2023-04-18

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

The gated community of 173 residences is spread across 3 acres. On March 20, the designer completed and registered the transaction, as evidenced by the documents accessed via Zapkey.com. 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, the sale of luxury properties 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 Goregaon. The company will pay more than Rs 60 crore in rent for this office space spread across more than 102,000 square feet over the lease term, excluding escalation.

According to the agreement, the rent will increase by 12% 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.

Also Read
G7 Nations pledge to produce carbon-free electricity by 2035
K'taka to permit recurring energy banking for renewable energy projects