Rekha Jhunjhunwala, the spouse of the late celebrated investor Rakesh Jhunjhunwala, has made a noteworthy acquisition to safeguard the uninterrupted view of the Arabian Sea from her Malabar Hill residence. Reports from Moneycontrol suggest that she has purchased nearly all the units within a building for Rs 118 crore.
Strategic Acquisition Amid Redevelopment Plans
Rockside CHS, situated behind Jhunjhunwala’s RARE Villa, was slated for redevelopment as part of a cluster scheme. A proposal from renowned developer Shapoorji Pallonji was on the table, promising homeowners an additional 50 per cent carpet area in the redeveloped structure.
Investment to Safeguard Sea-View
Utilising multiple entities, Rekha Jhunjhunwala acquired nine apartments for a total of Rs 118 crore, beginning in November 2023. This move was prompted by concerns over potential obstruction of the sea-view from her RARE Villa residence due to the impending redevelopment. Market insiders suggest that the family has now secured 19 out of the 24 apartments in the building.
Upsurge in Redevelopment in Walkeshwar
The upscale area of Walkeshwar, known for its sea-facing properties, is witnessing a surge in redevelopment activities as developers target the affluent populace of South Mumbai. The trend was initiated by Lodha Malabar, with record transactions over the past 18 months. Notably, industrialist JP Taparia secured India’s most expensive apartment deal by acquiring a triplex for Rs 369 crore.
Awaiting Clarity on Redevelopment Plans
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 new majority owner, Rekha Jhunjhunwala.
Who is Rekha Jhunjhunwala?
Rekha Jhunjhunwala is the wife of the late Rakesh Jhunjhunwala, famously known 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. Rakesh Jhunjhunwala was posthumously honoured with the Padma Shri in recognition of his contributions to trade and industry.
Rekha Jhunjhunwala pursued her education at Mumbai University for her graduation. In 1987, she married Rakesh Jhunjhunwala, embarking on a journey intertwined with the world of finance and investments. Together, they have three children named Nishtha, Aryaman, and Aryaveer.
According to Forbes, Rekha Jhunjhunwala boasts an estimated net worth of $8.7 billion as of March 25, 2024. She inherited a substantial fortune from her late husband. Her prominent shareholdings include Titan, Metro Brands, Star Health, and Allied Insurance Company.
