Rajesh Khanna's Mumbai bungalow to make way for multi-storey building

Veteran Bollywood actor Rajesh Khanna’s bungalow is set to be demolished and make way for a multi-storey building. [caption id=“attachment_1634907” align=“alignleft” width=“380”] Aashirwad. Image courtesy: IBN Live.[/caption] The new owner, Shashi Kiran Shetty, who bought the home back in August 2014, plans to build a three or four-storey building. “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 . This comes as a little surprise as last year in an interview , when asked if purchasing the property was his dream, he replied, “It was more of an opportunity which presented itself, as we were looking at various options for purchasing a house. This is indeed one of the high points of my personal life. We have a good memory and imagination of Mr. Rajesh Khanna’s life which he largely spent in that property.” However, despite the redevelopment Shetty might keep the bungalow’s previous name, Aashirwad. The 6,500-square-foot property, was reportedly bought for a whopping Rs 95 crore.