Known as the King of Bull Market, Rakesh Jhunjhunwala was the billionaire business magnate, trader and investor touted for his cunning stock market predictions. Hailing from a humble background, he was not only the sole builder of his rich portfolio but also reputed as one of the wisest business persons in India.
Rakesh Jhunjhunwala’s house in South Mumbai, which is currently under construction, will be a testament to his reputation and life’s work upon completion. Like Ambani’s Antilla, it is a 14-storey megastructure to be equipped with state-of-the-art amenities to drool over.
In this article, let’s get to know in detail about Jhunjhunwala’s house, the latest news about him and his inspiring career trajectory.
Table of contents
Rakesh Jhunjhunwala’s House: All About the Lavish Abode
Rakesh Jhunjhunwala’s new home is going to be a towering 14-storey bungalow in Malabar Hills, one of the poshest areas in South Mumbai. It took almost a decade for the billionaire family to purchase and start rebuilding the gargantuan structure.
To start with, they bought the entire building of Ridge Apartments, primarily owned by Standard Chartered and HSBC banks, incrementally. Rakesh and his wife Rekha Jhunjhunwala bought the first seven floors from Standard Chartered Bank in 2013 for about INR 176 crores. Later, in 2013, the duo bought the rest of the seven floors for INR 195 crores.
This newly built 57 metres megastructure is said to incorporate a swimming pool, private theatre, banquet hall, a gym area, and a football court, apart from the separate floors reserved for the members of the family. Rakesh Jhunjhunwala’s house address is in BG Kher Marg, South Mumbai.
The Master Floor
The 12th floor or the master floor of Rakesh Juhjhunwala’s home is reserved for the couple themselves, that will comprise an L-shaped living area, a lavish bedroom, bathrooms, dressing rooms and a study area. The wondrous study area will further continue to a powder room and separate bathroom. The floor also flaunts a balcony, salon, pantry, a separate room and smaller bathrooms for the staff.
The Children’s Floor
The 11th floor has been allotted for his kids. As soon as you enter the apartment, on the right side, you will find two bedrooms, out of which the right bedroom is meant for his twin sons and the bedroom on the left is meant for his daughter. Both the bedrooms will have their own bathrooms. The floor will also incorporate its own terrace and common spaces for the study room and the living area.
The Office
There is not much information regarding this floor. However, the ninth floor is assumed to be dedicated to Rakesh Jhunjhunwala’s office area. This floor offers three cabins, a staff room, a pantry and two attached bathrooms.
The Terrace and Other Party Zones
The 70.4 square metres terrace will be a bejewelling crown on Jhujhunwala’s house befitting for elaborate evening parties. Apart from a reheating kitchen, pizza counter and outdoor sitting area, it will also have a vegetable garden. But that’s not the be-all and end-all for the party scene in the new house of Rakesh Jhunjhunwala. The fourth floor and tenth floor, too, are reserved for all sorts of get-togethers and parties.
While the fourth floor’s banquet hall with two terraces on its sides will be more suitable for social gatherings, the tenth floor will mostly be dedicated to private get-togethers. This floor will boast a double-height extension balcony, a puja room, kitchen and dining area, along with four comfortably accommodating guest rooms and staff room.
The Leisure and Fitness Zone
The plan of the 8th floor seems to shout recreation and rejuvenation as it not only holds an extensive gym but a spa room, sauna room and massage room with attached bathrooms. This floor is conveniently and comparatively smaller than the rest allowing the infinity pool and deck on the seventh floor to extend and be on the forefront. This creates a balcony-like area on the eighth floor which will further open into some gorgeous views of the Mumbai skyline. The fifth floor is further a designated entertainment zone of Rakesh Jhunjhunwala’s home, comprising an expansive theatre, lounge area and separate bathrooms.
The first, second and third floors will mostly consist of multiple other rooms, bathrooms, and separate storage spaces, while the basement will conveniently house seven parking slots. After moving in to his new house, Rakesh Jhunjhunwala will be counted amongst some of India’s multibillionaires like Birla’s, Jindal’s, Piramal and Ambani’s as they all are known to reside in South Mumbai, also known as SoBo.
How Did Rakesh Jhunjhunwala become the Big Bull of India?
Known for his cunning stock market predictions, Rakesh Jhunjhunwala comes from a humble Marwari family in Mumbai. A commerce graduate from Sydenham College, he later enrolled at the Institute of Chartered Accountants of India and became a proficient CA.
Rakesh’s father was his main inspiration behind him investing a meagre Rs. 5,000 for the first time in stock. Later, his keen interest in stocks and the analytic prowess involved in reading a balance sheet drove him further towards the Indian stock market investments.
His company, RaRe Enterprises, which he shares with his wife, also had humble beginnings. In fact, RaRe is named after himself and his wife, Rekha. His first significant profit from stock came in 1986, wherein he earned Rs. 5 lakh. Within the next three years, he further earned about Rs. 20 – 25 lakh.
Since then, he has invested in multiple companies, including Tata Power, Vedanta Ltd., Praj Industries, Edelweiss Finance, VIP Industries and Delta Corp., Federal Bank, and Fortis Healthcare, among others. His biggest investment in 2021 was in Titan Company which was worth Rs. 7294 crores.
At present, Jhunjhunwala is the Chairman of Hungama Digital Media Entertainment and Aptech Ltd. The stock market wizard is also recognized as one of the board members in various big companies such as Innovassynth Technologies (India) Ltd, Nagarjuna Construction Co Ltd, Provogue India Ltd, Prime Focus Ltd, Viceroy Hotels Ltd, and many others. He is also a member of the Board of Advisors at IIMUN (India’s International Movement to Reunite Nations).
At 57, he is the 53rd richest man in the country, with a jaw-dropping net worth of USD 620 crore. The road to success has not been easy for the King of Bull Market, and maybe that’s why his wise words resonate with not just business people and newbies in the stock market but also professionals trying to climb up the ladder of success.
What’s the Latest News on Rakesh Jhunjhunwala?
Here’s what is lately going on in the world of Rakesh Jhunjhunwala.
Rakesh Jhunjhunwala’s Opinion on Crypto
In a recent interview with one of the top news channels after the 2022 Budget was released, Rakesh Jhunjhunwala mentioned that India has been following the footsteps of China when it comes to the heightened use of digital currency. He said that while the government’s attempt to establish digital currency by obliterating the existing ones is quite right, the cryptocurrency market might be susceptible to collapse one day. However, this won’t affect the equity market in any way as equity investments and Cryptocurrency investments are two very different worlds.
Rakesh Jhunjhunwala on Realty Stock Listings
On 17th January, Rakesh Jhunjhunwala mentioned that only developers offering affordable housing could be listed in the bourses (stock market) for the sheer amount they can deliver against those who are more into luxury property construction. This hinted at the sheer capacity of increased ROIs for affordable housing investments as against luxury housing as most consumers, at the moment, are going for cost-effective property purchases.
In a Nutshell
It has taken almost three decades for the wizard of the Indian stock market to become the 53rd richest man in the country. And this only reflects his perseverance, hard work and strategic moves. While Rakesh Jhujhunwala’s new house towering Mumbai’s posh area of Malabar Hills stands as a testament to his diligence and success, his life story and raw wisdom are enough to inspire millions of people across the nation to strive and work hard for success. Rakesh Jhunjhunwala has proven to the world that it’s never too late to live one’s dream. Not everyone can hit the bull’s eye, but surely the Big-Bull has.
Rakesh Jhunjhunwala Airlines – Akasa Air’s Flew First Flight
Rakesh Jhunjhunwala was a 40% per cent stake in Akasa Air. It is a low-cost carrier operating flights between Mumbai-Ahmedabad and Bengaluru-Kochi routes. The flight services on the Bengaluru-Mumbai route and Chennai-Mumbai route will start on 19th August 2022 and 15 September 2022.
The first flight of Akasa Air flew between Mumbai and Ahmedabad on August 7. Rakesh Jhunjhunwala flew on this inaugural flight for the last time before he passed away on 14th August 2022.
During his last public appearance, Rakesh Jhunjhunwala said that even a child takes 9 months to be born but Akasa airline has taken only 12 months to conceive and take birth. It becomes possible only with the cooperation of the Ministry of Civil Aviation. He was happy to announce that the airline will receive all 72 planes in the upcoming 5 years.
Further, the other co-founders Dube, Aditya Ghosh and Belson Coutinho, who are also seasoned, aviation professionals stated that they will always honour Jhunjhunwalah’s values, legacy, and beliefs in the business and make Akasa air a striving airline.
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