Khanna breathed his last in the 603 square-metre house on July 18, 2012, after a prolonged illness. The two daughters of Khanna and his estranged wife Dimple Kapadia, Twinkle and Rinke, remain the sole beneficiaries.
According to a Times of India report, neither Shetty nor his solicitor firm Maneksha & Sethna divulged the details. Sources, however, said that the deal is likely to be concluded after the mandatory 14-day notice period about any ownership claim by a third party gets over, according to the ToI report. Shetty reportedly booked another under-construction apartment but started to look for a bungalow after it landed in legal trouble.
It was said that the bungalow might not be used for redeveloping purpose owing to smaller area and legal regulation.
Sources said the bungalow was sold for a lesser amount for it was 'haunted'
However, some said the bungalow was sold for a price less than the expected because it was said to be haunted. The bungalow was previously owned by Rajendra Kumar, another famous actor, before Khanna. The latter had bought it for Rs 3.5 lakh.
After Khanna's death two years ago, his live-in partner Anita Advani also claimed share in the property leading to a feud. A public notice was issued in this regard, showing both Twinkle and Rinke as owners. Advani said she would challenge the public notice.