Billionaire Rakesh Jhunjhunwala Spends Rs 371 Crore To Buy A Building Only To Tear It Down!

Rakesh Jhunjhunwala, the famous billionaire investor, has bought a 12-flat sea-facing building for Rs. 371 crore. The purpose? To raze it to the ground so that he can build a palatial bungalow for himself.

reuters

Four years after buying 6 flats in the Ridgeway Apartments building for Rs. 176 crore, Jhunjhunwala bought the remaining 6 flats for Rs. 195 crore?in January, measuring a massive 17,000-odd sq ft, from HSBC Bank.

According to Mumbai Mirror, the billionaire's wife Rekha had signed an agreement with the bank to buy the remaining 6 flats. The Jhunjhunwala family began work on the plot after their purchase of the apartment building and appointed architects to redevelop it.?

commonfloor

The Jhunjhunwalas have a net worth of Rs. 10,000 crore. Hence, it comes as no surprise that they want to demolish the old building that once housed senior members of Standard Chartered and HSBC banks.?

Jhunjhunwala wants to construct a building which will?be sprawled across 45,000 sq ft approximately. He has submitted a proposal with BMC which is under review.?