Malabar Hill I had a small and beautiful building named Ridgeway Apartments. It had only 12 apartments, which were owned by two big multinational banks. Senior bank officials lived in the building. This is a building that I know very well, as a relative of mine lived in it for a few years. I remember this spacious apartment with high ceilings, nice layout and gorgeous views of Marine Drive. In terms of density, it was one of the least dense buildings in the area.
Then in 2013 one of those two banks, Standard Chartered, decided to sell its share of 6 apartments. Experts were called in to carry out the selling process. It was discussed whether to sell the apartment individually or to sell it outright. The bank categorically assumed that the land on which the building stood was of higher value than the individual apartments. Therefore, Standard Chartered decided to sell all its 6 apartments together to one wealthy family that needs a complete building.
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Jhunjhunwala wanted the whole building
Around the same time, a billionaire stock investor was thinking of upgrading his home. That person was Rakesh Jhunjhunwala. He was not satisfied with just one or two apartments, he needed an entire building for himself. There were too many apartments in the building where he currently lives, and very few people willing to sell the apartments. Ridgeway Apartments, on the other hand, had only 12 apartments and only two owners – HSBC and Standard Chartered. To buy this entire building, only two parties needed to be discussed and prepared here. But even here at the moment (according to that time) only Standard Chartered was looking to sell its apartments.
Bought the remaining 6 apartments in 2017
Rakesh Jhunjhunwala acquired those apartments by bidding. He bought six apartments for Rs 176 crore. This amount was 20% more than the Minimum Reserve Price. Now they had 6 apartments, 6 were left. He patiently waited for the remaining 6 apartments to go on sale. Four years later, in 2017, the remaining 6 apartments owned by HSBC also came up for sale. It was almost certain that the highest bid would come from Rakesh Jhunjhunwala, so that the entire building would be his. Exactly the same thing happened. Jhunjhunwala made a bid of Rs 195 crore this time and also got the remaining 6 apartments.
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Jhunjhunwala must have been upset too!
Now the whole building belonged to him. Then the next step: demolishing the current building. Earlier his plan was to build a bungalow for himself. Later that idea was abandoned. After this, he decided to build a 13-storey building, which also had magnificent views of the sea.
I am not sure about his experience in the manufacturing process, but it is likely that a person like Rakesh Jhunjhunwala would have been tested too. Innumerable rules and policies have troubled everyone, big or small. Jhunjhunwala may have been disappointed, but he showed good effort in understanding the finer aspects of building a house. Amit Pawar of M/s Size Architects & Consultants, one of the agencies involved in the construction of Jhunjhunwala’s house, told me that “Jhunjhunwala was well-versed and understood every cost incurred for approval from the municipal authority – especially the premium. in respect of which a person has to pay to the Municipal Corporation for a private house.”
every convenience in the house
The tower that was finally approved is a house with an area of 70,000 square feet. Each floor is well marked. There is a banquet hall in the fourth floor in which large gatherings can be done. The 8th floor has facilities like gym and massage. The 10th floor has 4 large guest bedrooms. The 11th floor is dedicated to their children.
its author Vishal Bhargava Huh. He is a real estate enthusiast who watches and reviews new projects when not busy with his newstoon platform Snapnews. These views are his personal.
Tags: Rakesh Jhunjhunwala
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