According to a report in Moneycontrol, Rekha Jhunjhunwala, the spouse of the late Rakesh Jhunjhunwala, has built almost the entire interior of the building to maintain an unobstructed view of the Arabian Sea from her Malabar Hill residence. All the units were reportedly purchased for Rs 118 million.
Located just behind Jhunjhunwala's Rea Villa mansion overlooking the sea, Lochside CHS has been earmarked for redevelopment within a cluster scheme.
A major proposal was submitted by prominent developer Shapoorji Pallonji, who promised each homeowner an additional 50% increase in carpet area in the redeveloped buildings.
According to documents accessed via Zapkey, Jhunjhunwala foresaw that the redevelopment could obstruct the sea view from the Rea Villa mansion and used multiple entities to build a total of 100 million yen starting in November 2023. Nine apartments were acquired for 18 million rupees.
Market sources indicated that the family reportedly purchased 19 of the 24 apartments in the building.
The upscale area of Walkeshwar, with its seafront properties, has seen a surge in redevelopment as developers target South Mumbai's affluent population. Lodha Malabar has ignited this trend with record trading over the past 18 months. Notably, family care businessman JP Taparia has secured India's most expensive apartment deal by acquiring a triplex for Rs 369 million.
Shapoorji Pallonji has put its cluster redevelopment plans on hold, awaiting clarity on the status of Lochside CHS under its latest majority owner, property brokers said.
Who is Rekha Jhunjhunwala?
Rekha Jhunjhunwala is the wife of the late Rakesh Jhunjhunwala, a businessman known as the “Big Bull” of the Indian stock market. He was the founder of 'Rare Enterprises' and held a significant stake in Titan, a company under the Tata Group.
The late Rakesh Jhunjhunwala was posthumously awarded the Padma Shri on March 22, 2023, in recognition of his contribution to trade and industry.
About Rekha Jhunjhunwala’s life and education
Rekha Jhunjhunwala completed her education at Mumbai University for her graduation. In 1987, she chose to marry Rakesh Jhunjhunwala, a prominent investor known as India's 'Big Bull'. Together they have three children named Nishta, Aryaman and Aryavir.
Rekha Jhunjhunwala Net Worth
According to Forbes, Rekha Jhunjhunwala has an estimated net worth of $8.7 billion (as of March 25, 2024). She inherited her large fortune from her late husband. Her major holdings include Titan, Metro Brands, Star Health, and Allied Insurance Company.
