Poonam Juneja, a Director at Mankind Pharma and wife of Ramesh Juneja, Chairman of the company, has recently sold a bungalow in Delhi’s Vasant Vihar for Rs 91 crore.
The purchasers of the property are Dhruv Malhotra, Dakhsh Malhotra, and Ranjana Malhotra from Everest Pressure & Vacuum Systems.
To complete the transaction, the Malhotra family paid Rs 4.85 crore as stamp duty for the 1200 square yard property.Mankind Pharma has recently made its debut at stock exchanges and successfully launched its Initial Public Offering (IPO).
The Income Tax department has recently conducted searches on the premises of Mankind Pharma over allegations of tax evasion.Additionally, the Income Tax department has initiated searches on the premises of Mankind Pharma following allegations of tax evasion.
Christie’s International Real Estate, which recently marked its entry into India by affiliating with Himmat & Rohini Singh LLP in New Delhi, played a facilitating role in the transaction.
“In Vasant Vihar, plot sizes range from 450 square meters to 2,000 square meters, and many of them have become available for sale after the lifting of the lockdown. Numerous individuals are now seeking to liquidate their assets. The advantage of larger plots in South Delhi is that buyers can redevelop the land and construct up to four floors, a privilege not permitted in Lutyens Delhi,” explained an industry expert.
The recent announcement in the Union Budget, limiting deductions from capital gains on investments in residential property to Rs 10 crore, has triggered a surge in buying and selling activities.
Among the prominent buyers of super luxury real estate properties are start-up founders and company promoters aiming to save on taxes. These individuals have been selling shares or stakes in their companies and investing the proceeds in high-end real estate.
Earlier Ritesh Dua of Relaxo footwear bought a sprawling 1250 square yard bungalow in South Delhi’s Vasant Vihar for around Rs 70 crore.
Surrounded by embassies and in close proximity with Lutyens Delhi, south Delhi areas are in demand by HNIs looking for bigger independent homes.
Earlier, JC Chaudhry, the founder of Aakash Educational Services had purchased a 2,000-square-yard property in south Delhi’s Vasant Vihar area for over Rs 100 crore.