In a move to avoid any obstruction to the picturesque view of the Arabian Sea from her Malabar Hill residence, Rekha Jhunjhunwala, widow of the late investor and billionaire Rakesh Jhunjhunwala, has acquired a majority of units in a neighboring building, according to the Moneycontrol report.
With her RARE Villa residence located just behind the sea-facing Rockside CHS, the purchased building was slated for redevelopment under a cluster scheme along with six other buildings in Walkeshwar. By purchasing nine apartments for Rs 118 crore since November 2023, and reportedly acquiring a total of 19 out of 24 units in the building, Jhunjhunwala's acquisition aimed to prevent any potential obstructions to her prime sea-view, as per the Moneycontrol report.
Shapoorji Pallonji, a prominent developer, had proposed a commercial plan offering homeowners a substantial increase in carpet area. However, the redevelopment strategy now faces uncertainty as Jhunjhunwala's ownership status over Rockside CHS evolves, the report added.
Recent Property Acquisitions
In a separate transaction reported on March 22, Rekha Jhunjhunwala acquired an apartment worth Rs 11.76 crore in Walkeshwar. This adds to her real estate portfolio, which includes commercial properties in prominent Mumbai locations such as Bandra Kurla Complex (BKC) and Chandivali in Andheri West.
Last year, Jhunjhunwala's company, Kinnteisto LLP, purchased commercial office spaces totaling 1.94 lakh sq ft in BKC and Andheri West for a sum of Rs 739 crore.
Area of Walkeshwar
The area of Walkeshwar is getting a lot of new buildings lately, especially for rich folks living in South Mumbai. Recent transactions in Lodha Malabar have set records, reflecting the increasing demand for luxurious living spaces in the area.
The Jhunjhunwala family owns a lavish 14-storey mansion in the upscale Malabar Hills district of South Mumbai which is constructed at a cost of Rs 371 crore, stands on the site of the former Ridgeway Apartments building.
