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

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.

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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.