Mumbai, June 19: Rajesh Khanna, the late actor of Bollywood, had created record when he had given 15 hits back to back, a record still unbroken, just after buying his bungalow, Ashirwad.
Shashi Kiran Shetty, who acquired Ashirwad in Aug 2014, informed that the bungalow will be demolished as he will build a multi-storey building at the same 6,500-square-foot property.
Shetty, who hails from Mangalore, Karnataka, was quoted as saying, "We've to redevelop the property since the existing structure is more than 50 years old. The process will start in a couple of months."
Shetty, the executive chairperson of Allcargo Logistics, part of Avvashya Group, also informed that he had bought the property directly from the actor's family members.
Speaking to a daily, Shetty said, "I was looking for a property, and this one suited my budget. The deal was done directly with the family with a property consultant. The family was gracious during the process."
The building is situated on Carter Road in Mumbai's suburb Bandra. Rajesh Khanna had the bungalow from fellow actor Rajendra Kumar and renamed it from "Dimple" to "Ashirwad". Rajesh Khanna was not married to actress Dimple Kapadia when he had bought the bungalow.
Shetty, who is expecting to move in to his new apartment in coming 18 months, said that he may name his apartment "Ashirwad". Rajesh Khanna passed away on July 18, 2012.