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Mumbai Billionaire to Bulldoze Rs 370 Cr Estate to Build Bungalow

Indian billionaire and stock market wizard Rakesh Jhunjhunwala, who has enthralled many with his smart bets on the index, is making the headline over another jaw-dropping investment. This time it’s real estate.

Going by a report in Mumbai Mirror, Jhunjhunwala has bought the remaining six flats of the sea-facing Ridgeway Apartments in Malabar Hills. What’s more? Jhunjhunwala plans to demolish the entire apartment complex.

A look at the said property. (Photo Courtesy: 99Acres.com)

The billionaire had to shell around Rs 195 crore for the deal, as per Mumbai Mirror’s report. Jhunjhunwala had earlier bought the first lot of six apartments in the same complex from Standard Chartered Bank in 2013 for Rs 176 crore.

The stock market pro apparently looks forward to build a bungalow spanning 45,000 sq ft approximately. Although he told Mumbai Mirror: “I am yet to decide what I want to do with the property. I have no comments to offer on that front,” word has it that his proposal submitted to Brihanmumbai Municipal Corporation (BMC) is currently under review.