19/06/2015 3:53 PM IST | Updated 15/07/2016 8:25 AM IST

Rajesh Khanna's 'Lucky' Bungalow Is Going To Get Demolished

FILE - In this June 13, 2009 file photo, Bollywood star Rajesh Khanna poses on the green carpet at the 10th International Indian Film Awards presentation at a casino-hotel complex in Macau. Media reports say Khanna, the first Hindi film actor to gain superstar status in Indian films, died Wednesday, July 18, 2012, after a brief illness. He was 69. (AP Photo/He Yong Jian, File)

A 50-year-old piece of Bollywood history is reportedly going to be demolished to make way for a multi-storeyed building. According to a report by The Times Of India, Aashirwad, a bungalow that was owned by late superstar Rajesh Khanna, will be redeveloped by its new owner Shashi Kiran Shetty.

Shetty, a businessman from Mangalore who is executive chairman of a logistics company, plans to demolish the 6,500 sq ft property on Mumbai's Carter Road in "a couple of months". Aashirwad was originally called 'Dimple'. The late actor, who passed away at the very same bungalow in mid-2012 after a prolonged battle with cancer, had bought the property from popular '60s actor Rajendra Kumar. While the house had been unlucky for Kumar, Khanna apparently had the opposite experience — after buying the house, he had 15 hits in a row. However, towards the end of his career, the actor of iconic Hindi films such as 'Anand' and 'Kati Patang' fell from grace and descended into alcoholism, which eventually led to his demise.

Shetty told TOI that he had been looking to invest in property and found Aashirwad suited to his budget. "The deal was done directly with the family with a property consultant. The family was gracious during the process," he was quoted as saying.

According to a report by FirstPost, the deal was done in July 2014 for a relatively low Rs 95 crore, with rumours saying that the price was low because the house was allegedly haunted. However, interestingly enough, a FirstBiz report from the same time attributes its low price to its location within a coastal regulation zone, which also means that it technically cannot be converted into a high-rise.

The businessman plans to retain the name 'Aashirwad'.

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