Kinnteisto LLP, led by accomplished investor Rekha Jhunjhunwala, completes a significant real estate transaction in Mumbai. The acquisition includes over 1.94 lakh square feet of commercial office space in the prominent business areas of Bandra Kurla Complex (BKC) and Chandivali, valued at approximately 740 crore rupees. This comprises 1.26 lakh square feet in BKC's 'The Capital' and 68,195 square feet in Chandivali's Boomerang building. The properties were purchased from Wadhwa Group Holdings Pvt Ltd and Kanakia Spaces Realty Pvt Ltd, respectively. The acquisitions, part of Jhunjhunwala's long-term investment strategy, also provide access to 234 parking slots, enhancing their overall value.
Kinnteisto LLP, a company based in Mumbai, led by Rekha Jhunjhunwala, has completed a significant real estate transaction by acquiring more than 1.94 lakh square feet of commercial office space in Mumbai's prominent business areas, the Bandra Kurla Complex (BKC), and the Chandivali area. This transaction, valued at approximately 740 crore rupees, is one of the largest reported in India recently.
This acquisition comprises two major components. Firstly, Kinnteisto LLP purchased around 1.26 lakh square feet across four floors in a building known as The Capital, located in BKC, for approximately 601 crore rupees. The property was sold by Wadhwa Group Holdings Pvt Ltd.
The second part of the acquisition involved a property in the Chandivali area, which was sold by Kanakia Spaces Realty Pvt Ltd. Kinnteisto LLP acquired 68,195 square feet in the Boomerang building for 137.99 crore rupees.
Additionally, 44.06 crore rupees were paid as stamp duty for these properties. These acquisitions also provide access to 234 parking slots, with 110 in the Boomerang building and 124 in 'The Capital,' adding further value to the investments.
Rekha Jhunjhunwala, an accomplished stock market investor and the wife of the late Rakesh Jhunjhunwala, who was often referred to as India's Warren Buffett, inherited a valuable stock portfolio from her late husband. Her estimated net worth is currently around 7.2 billion USD, and she ranks 28th on the Forbes Richest Indians list.
In Q2 FY 2023, Rekha Jhunjhunwala increased her stake in three stocks: Escorts Ltd, Titan Company Ltd, and Tata Communications Ltd. Her increased stake in Titan Company, with the purchase of an additional 6,50,000 shares, resulted in her earning approximately Rs. 2,400 crore in just two months.
Rekha Jhunjhunwala is also the director of Rare Enterprises Pvt Ltd, a stock brokerage firm founded by Rakesh Jhunjhunwala in 1992, which took its name from the initials of the couple (Ra from Rakesh and Re from Rekha).
Rekha Jhunjhunwala sees great potential in the new acquisitions, emphasizing that these investments were made for the long-term benefit of her family. She believes that their strategic locations in the high-value commercial hubs of BKC and Andheri ensure good returns through leasing, making them secure long-term investments.
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