Fashion designer Sandeep Khosla buys luxury apartment in Juhu for ₹26-cr

April 17, 2023

Fashion designer Sandeep Khosla has bought an apartment at a Rustomje Realty project in Mumbai for about ₹26 crore, registration documents showed.

Rustomjee Elements is a luxury project developed by Keystone Realtors — which sells under the Rustomjee brand — and located in the upmarket suburb of Juhu. There are only 173 residences in the project spread over an area of three acre. The configurations available are 3,4 and 5-bedroom apartments.

The apartment bought by Khosla, who is also the co-owner of the fashion label Abu Jani-Sandeep Khosla, is located on the 10th floor and has a carpet area of 3,497 sq ft with an additional 290 sq ft of exclusive area. It comes with four car parking slots, according to documents accessed by Zapkey.

The average property price in the Juhu area is around ₹46,000 per sq ft (psf) with the rates ranging from a low of ₹11,000 psf to ₹93,000 psf. The current transaction has been done at around ₹68,000 psf.

Demand for homes in the premium and super-premium categories continues as these are not rate-sensitive nor price sensitive. The demand for luxury housing is being driven by a desire for larger homes, with better amenities while some micro markets are seeing a rise due to an infrastructural boost.

In a recent report, Anarock Property Consultants observed that the share of luxury houses in the Mumbai Metropolitan Region is now nearly a third of total sales compared to 13 per cent before the Covid-19 pandemic.

Property registrations in Mumbai in March fell by over a fourth on year, but was up sequentially on homebuyer sentiment driven by new launches, according to state government data.

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