Rekha Jhunjhunwala, spouse of the late renowned investor Rakesh Jhunjhunwala, has reportedly purchased nearly all the units within a building for Rs 118 crore to preserve the uninterrupted view of the Arabian Sea from her Malabar Hill abode, as per a report by Moneycontrol.
Rockside CHS, located just behind Jhunjhunwala’s RARE Villa residence overlooking the sea, was earmarked for redevelopment within a cluster scheme.
A significant proposal from renowned developer Shapoorji Pallonji had been submitted, promising each homeowner an additional 50 per cent carpet area in the redeveloped structure.
According to documents accessed via Zapkey, Jhunjhunwala, utilizing multiple entities, acquired nine apartments for a sum of Rs 118 crore starting from November 2023, foreseeing the potential obstruction of the sea-view from the RARE Villa residence due to the redevelopment.
Market insiders suggest that the family has purchased 19 out of the 24 apartments in the building, as per the report.
The upscale area of Walkeshwar, with its sea-facing properties, is witnessing a surge in redevelopment as developers target the affluent populace of South Mumbai. Lodha Malabar ignited this trend with record transactions in the past 18 months. Notably, industrialist JP Taparia of Famy Care secured India’s most expensive apartment deal by acquiring a triplex for Rs 369 crore.
Real estate brokers indicate that Shapoorji Pallonji has put its cluster redevelopment plans on hold, awaiting clarity on the status of Rockside CHS under its latest majority owner.
Who is Rekha Jhunjhunwala?
Rekha Jhunjhunwala is the wife of the late businessman Rakesh Jhunjhunwala, renowned as the “Big Bull” of the Indian stock market. He was the founder of ‘Rare Enterprises’ and held significant shares in Titan, a company under the Tata Group.
The late Rakesh Jhunjhunwala was posthumously honoured with the Padma Shri on March 22, 2023, in recognition of his contributions to trade and industry.
About Rekha Jhunjhunwala’s life and education
Rekha Jhunjhunwala pursued her education at Mumbai University for her graduation. In 1987, she chose to marry Rakesh Jhunjhunwala, the renowned investor known as the “Big Bull” of India. Together, they have three children named Nishtha, Aryaman, and Aryaveer.
Rekha Jhunjhunwala’s net worth
According to Forbes, Rekha Jhunjhunwala possesses an estimated net worth of $8.7 billion (As of March 25, 2024). She inherited a substantial fortune from her deceased husband. Her prominent shareholdings include Titan, Metro Brands, Star Health, and Allied Insurance Company.
