Rekha Jhunjhunwala, the wife of late ace investor Rakesh Jhunjhunwala, has bought almost all the units in a building for Rs 118 crore to ward off any obstruction to the vista of the Arabian Sea from her Malabar Hill home, according to a Moneycontrol report.
Rockside CHS, which is just behind sea-facing Jhunjhunwala’s RARE Villa residence, was up for redevelopment under a cluster scheme.
Also Read: Rekha Jhunjhunwala Buys Rs 11.76-Crore Apartment In South Mumbai
Prominent developer Shapoorji Pallonji had submitted a commercial proposal through which each homeowner would get an additional carpet area of almost 50 per cent in the redeveloped format.
According to the Moneycontrol report citing documents sourced through Zapkey, Jhunjhunwala, through multiple entities, purchased nine apartments for Rs 118 crore since November 2023 after sensing that the redevelopment could potentially restrict the sea-view from RARE Villa residence.
Market sources indicate that there is more with the family having actually purchased 19 of the 24 apartments in the building, the report said.
The sea-facing Walkeshwar is undergoing a wave of redevelopment as developers look to cater to the uber-rich in South Mumbai. Lodha Malabar set that market on fire with record transactions in the last 18 months. Industrialist JP Taparia of Famy Care did India’s most expensive apartment deal by purchasing a triplex for INR 369 crore.
Brokers say Shapoorji Pallonji has paused on the cluster redevelopment strategy as it awaits clarity on the status of Rockside CHS under its latest majority owner.
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