According to a report by Money Control, Zishaan Hayath, cofounder of Indian edtech company, Toppr has purchased a luxurious sea facing apartment in Bandra, Mumbai for nearly 41 crore rupees.
The apartment located on Turner Road in Bandra is on the 13th floor of Rustomjee La Fontaine developed by renowned real estate builder and property developed Rustomjee. Rustomjee currently has more than 10 properties in and around Mumbai, including few properties which are expected to be developed and launched soon.
Unverified news article by Money Control report that the apartment is more than 4000 square foot (ca. 372 m²) in size and the highly luxurious real estate property has a basement and six podium parking space.
With more than 50000 square of entire built-up area including the ground floor, Rustomjee La Fontaine is one of most iconic residential property in Bandra.
According to another report by The Economic Times, the entire project would have 15 floors out of with only eight floors are currently habitable.
News reports also suggest that the entire transaction between two parties was facilitated and executed by India Sotheby’s International Realty (India SIR). With more than 1000 offices in nearly 79 countries, India Sotheby’s International Realty is one of the largest realtor in the country. India SIR was launched in 2014.
Toppr which was founded in 2013 by Zishaan Hayath and Hemanth Goteti got acquired by Ed Tech ain’t Byju’s in 2021.
Mumbai real estate market
Majority of the individuals who make a huge fortune every year prefers to invest in such luxurious properties and real estate in order to save capital gains tax. As Mumbai is considered the financial capital of India, having a house or property in the city is both an enhancement in lifestyle and brand.
In Mumbai, the majority of the houses and such residential properties are bought by ultrarich individuals who are industrialists, film actors, professionals, and founders or startups.
In 2021 alone, more than 1 lakh property registration happened in the financial capital of the country. This number was a 10-year-high. Even when pandemic induced economic crisis was progressing, low interest rate offered by financial lenders for property deals encourages buyers to make a large number of transactions in 2021.