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Rekha Jhunjhunwala, renowned Indian investor and wife of the late Rakesh Jhunjhunwala, has purchased a luxurious apartment in the prestigious Walkeshwar area of South Mumbai. The transaction, totaling over INR 11.76 crore, was finalised on March 15, 2024. Documents accessed by IndexTap.com reveal that the apartment in the iconic Rockside Apartments spans across 1,666 square feet of carpet area. Rekha Jhunjhunwala paid INR 59 lakh for stamp duty and registration charges on March 15, 2024, to have this registered against her name.
The purchase includes ownership of a car parking slot of 376 sq. ft. within the nearly 50-year-old Rockside Apartments, demonstrating the high demand for such amenities in Mumbai's real estate market. Stamp duty and registration charges amounting to INR 58.81 lakh were paid in conjunction with the acquisition.
This acquisition marks another significant investment move by Rekha Jhunjhunwala, following her notable purchase of commercial office spaces in prime locations across Mumbai in the preceding year. Through her company Kinnteisto LLP, she acquired a commercial real estate portfolio, including properties in the Bandra Kurla Complex (BKC) and Chandivali in Andheri West, totaling INR 739 crore.
The 69,425 square-foot office buildings of 1802 and 1901 were also purchased by the business. This 124-space parking lot and property deal in Mumbai were both valued at INR 601 crore. In a different commercial real estate transaction completed on October 16, 2023, Kinnteisto LLP also paid INR 137.99 crores for two office units on the eighth floor of the Boomerang commercial building in Mumbai's Andheri East neighbourhood. The units span 68,195 square feet of carpet space. The Andheri East purchase included 110 parking spaces for cars that cost INR 8.27 crore in stamp duty. Kinnteisto LLP also purchased an even greater space on the 18th and 19th floors of the Bandra Kurla Complex, which was built for INR 331.68 crore by the Wadhwa Group Holdings.
The approach to real estate investment by the Jhunjhunwala family highlights a long-term perspective. These assets are perceived as generating favourable yields, being leased to prominent tenants, and possessing inherent security due to their prime locations.
Despite the evolving dynamics of Mumbai's real estate market, characterised by shifting business districts and changing residential preferences, premium properties in locations like Walkeshwar continue to command high prices. The scarcity of supply in this segment has contributed to the persistent high demand and capital appreciation, reinforcing the allure of such investments.
Rekha Jhunjhunwala's wide range of investments shows her important role in Indian business, similar to her late husband's success. Her portfolio is worth over INR 39,333.2 crore as of December 2023, making her respected for her smart investments and strategic purchases.
The Jhunjhunwala family's association with South Mumbai's upscale residential sector is further seen by their ownership of the Ridgeway Apartments in Malabar Hills which they then turned into a 14-story bungalow. This property, constructed for INR 371 crore, shows its ongoing legacy and influence in Mumbai's exclusive real estate community.
In conclusion, Rekha Jhunjhunwala's latest real estate endeavour highlights her continued pursuit of strategic investments in prime locations, further solidifying her status as a prominent figure in India's business and investment landscape.
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