Rajesh Khanna's sea-facing bungalow sold for Rs 95 cr to Allcargo Logistics' exec

Veteran actor Rajesh Khanna's sea-facing bungalow, popularly known as Aashirwad, located on Carter Road in suburban Mumbai, has finally been sold to Shashi Shetty, the founder and executive chairman of Mumbai-headquartered Allcargo Logistics for Rs 95 crore.

[caption id="attachment_91977" align="alignleft" width="380"] Rajesh Khanna with daughter Twinkle Khanna[/caption]

At 6,500 a square feet, the property has been sold for a mere Rs 95 crore because the bungalow falls under the stringent coastal regulation zone and, hence, it is entitled to a limited floor space index in case it is redeveloped. In other words, the bungalow cannot be converted into a high rise.

After Khanna's death on 18 July 2012, the property was automatically transferred to his daughters Twinkle and Rinki Khanna but Rajesh Khanna's live-in partner Anita Advani has been claiming her share in the property for some time now.

Mid-Day quotes Advani as saying, "The property is still under litigation and I will be challenging the public notice that has been published in the newspaper today. I have asked for a stake in the property and the case is pending in court."

More from Real Estate

As per Times of India, the deal is expected to be concluded once the mandatory 14-day notice about any ownership claim by a third party is over. The report further said thatShetty had been hunting for a bungalow in Mumbai with a budget of about Rs 100 crore for a couple of years.

He had booked at an apartment in Palais Royale skyscraper at Worli for about Rs 40 crore, but the same had been involved in a legal battle since 2012 and the BMC has stopped work on the same.

The Aashirwad sale is surprising since RajeshKhanna's daughters had earlier expressed their willingness to convert the bungalow into a museum.

Rajesh Khanna died on 18 July 2012 after suffering from liver infection. He was 69.