Bollywood’s veteran actor Rajesh Khanna’s well-known Mumbai bungalow Aashirwad is all set to be demolished so it can make way for a multi-storey building. According to recent reports, the new owner of the bungalow, Shashi Kiran Shetty, who bought the house in 2014, plans to build a three or four storey building in the plot. Shetty purchased the 6,500 square feet property for whopping Rs. 95 crore directly from the actor’s family members.

“We’re to redevelop the property since the existing structure is more than 50 years old. The process will start in a couple of months,” said Shetty, executive chairperson of Allcargo Logistics, told the Times of India in an interview.

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Now this recent reports come as a surprise as in 2014 during an interview, Mr. Shetty revealed that purchasing veteran actor Rajesh Khanna’s this property was his dream.  He revealed that it was more of an opportunity which presented itself, as he was looking at various options for purchasing a house. He went further on saying that purchasing Aashirwad was one of the high points of his personal life, as he has a good memory and imagination of Mr. Rajesh Khanna’s life. Rajesh Khanna spent large amount of his time in his Mumbai bungalow Aashirwad.

However, reports further reveal that the new owner of Rajesh Khanna’s bungalow, Shashi Kiran Shetty plans on keeping the bungalow’s previous name Aashirwad intact, despite the redevelopment.

The bungalow is situated at Carter Road in Mumbai’s suburb Bandra. Earlier, the bungalow belonged to Rajendra Kumar. After Rajesh Khanna bought it, he renamed it from ‘Dimple’ to ‘Aashirwad’.