Veteran Bollywood actor Rjesh Khanna's house is set to be demolished and make way for a multi-storey building.

Veteran Bollywood actor Rajesh Khanna's bungalow is set to be demolished and make way for a multi-storey building.

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.