Businessman buys Rajesh Khanna’s bungalow ’Aashirwad’ for Rs 90 crore

TNN

Mumbai, Jul 25, 2014 : Bollywood superstar Rajesh Khanna’s Carter Road bungalow, popularly known as ’Aashirwad’, is being sold to a city industrialist.

 

The landmark sea-facing property, a major tourist attraction for legions of his fans, is believed to have been purchased by Shashi Kiran Shetty, executive chairman of Allcargo Logistics.

 

 

Market sources said the 603sq m property could fetch the late superstar’s family around Rs 90 crore. The sole beneficiaries are his two daughters, Twinkle and Rinke.

 

Shetty refused comment when TOI contacted him. His solicitor firm, Maneksha & Sethna, too, declined to name the buyer. According to sources, the deal is expected to be concluded once the mandatory 14-day notice about any ownership claim by a third party is over, said sources.

 

TOI has learned that Shetty has been scouting for a bungalow in the city with a budget of around Rs 100 crore for the past couple of years. He had booked a sprawling apartment in the under-construction Palais Royale skyscraper at Worli for about Rs 40 crore. But the highrise, touted as the tallest residential tower in India, has been embroiled in a legal battle since 2012 and the BMC has halted work. "When Palais Royale got into legal trouble, Shetty started hunting for a bungalow,’’ the sources said.

 

Khanna’s bungalow falls under the stringent coastal regulation zone and, hence, the property is entitled to a limited floor space index in case it is redeveloped. But the sources said Shetty plans to live in it.