Investor Rakesh Jhunjhunwala buys a building for Rs 371 Crore only to bring it down later

Billionaire Rakesh Jhunjhunwala recently bought a building in South Mumbai for Rs 371 Crore but has plans to demolish it. Here's why

Renowned investor, Rakesh Jhunjhunwala recently spent a whopping Rs 371 crore to buy an entire building. However, the billionaire is not going to live in that building. If reports are to be believed he has plans to demolish the building and build a lush bungalow on the same spot.

Earlier this year, Jhunjhunwala bought six flats worth Rs 195 crore, only four years after he had bought six houses in the Ridgeway Apartments building for Rs. 176 crore. According to a report in the Mumbai Mirror, Rakesh Jhunjhunwala bought a sea facing flat measuring 17,000-odd sq ft, from HSBC Bank only to knock it down to construct a bungalow. The report further suggested that the work of construction of the bungalow just a week after his wife signed the necessary documents and acquired the six flats.

However, Jhunjhunwala has not made any official confirmation and have said that he has not decided what is he going to do with the property now that he has bought it. “I am yet to decide what I want to do with the property. I have no comments to offer on that front,” Jhunjhunwala told the daily. However, the documents in possession of the daily seem to indicate that he is planning to tear down the building and construct a bungalow on the plot.

The flats currently houses the HSBC and Standard Chattered bank executives who had acquired the flat as their incentives. Apart from Jhunjhunwala, Sajjan Jindal, Mukesh Ambani and Kumar Mangalam Birla own lush bungalows in the posh South Mumbai area.