Zishaan Hayath, founder of Toppr.com which was last year acquired by edtech firm Byju’s, has bought a 4,000-sq-ft sea-facing apartment in a project of developer Rustomjee at Bandra in Mumbai for ₹41 crore.
The apartment is on the 13th floor of Rustomjee La Fontaine on Turner Road.
The luxurious real estate project has a total super-built-up area of more than 50,000 sq ft, consisting of a basement, ground floor, and six podium parking spaces. There are eight habitable floors in the project out of a total of 15.
Zishaan Hayath confirmed the transaction but declined to comment further. Rustomjee Group chairman Boman Irani did not respond to a text message.
India Sotheby’s International Realty (India SIR), which deals in luxury properties, facilitated the transaction.
“India SIR has facilitated many such transactions in the last two years, wherein promoters have sold their stakes to funds or institutions and invested in residential properties to save on capital gains tax,” said Ashwin Chadha, president, India Sotheby’s International Realty.
In Mumbai, ultra-rich individuals and successful professionals, along with industrialists and actors, have been the biggest buyers of luxury homes. A latest addition is startup founders who have cashed out after a stake sale.
To optimise on capital gains and for a lifestyle upgrade, they opt for real estate. Section 54F of the Income Tax Act allows them to save on capital gain tax if they reinvest the proceeds in properties.
According to real estate data analytics firm CRE Matrix, sales of luxury residential properties, priced over ₹10 crore, in Mumbai jumped more than two fold in 2021 and the momentum continued even in the first half of 2022, driven by rising consumer demand for bigger homes with better amenities and low mortgage rates.
The top luxury micro markets in Mumbai are Worli, Lower Parel, Bandra, Tardeo, Prabhadevi and Andheri.
