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Poonam Junejaare directors Mankind Pharma And the wife of the company’s chairman Ramesh Juneja has recently sold a bungalow in Delhi. Vasant vihar 91 crores in Rs.
property buyers Dhruv Malhotra, Daksh Malhotraand 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 sq yard property.
Mankind Pharma has recently made its debut on the stock exchanges and has successfully launched its Initial Public Offering (IPO).
The Income Tax Department has recently raided the premises of Mankind Pharma over allegations of tax evasion.
Additionally, the Income Tax Department has launched searches at Mankind Pharma’s premises following allegations of tax evasion.
Christie’s International Real Estate, which recently forayed into India by partnering with Himmat & Rohini Singh LLP in New Delhi, played a facilitating role in the transaction.
However, when contacted for comment regarding the deal, Christie’s International Real Estate declined to provide any details.
An email sent to Mankind Pharma and Everest Pressure & Vacuum Systems also remained unanswered till press time on Monday.
“In Vasant viharPlot sizes range from 450 sq m to 2,000 sq m and many of them have become available for sale after the lockdown is lifted. Many people are now looking to liquidate their assets. The advantage of larger plots in South Delhi is that buyers can redevelop the land and build up to four storeys, a privilege not allowed in Lutyens’ Delhi,” explained an industry expert.
The recent announcement in the Union Budget, limiting the deduction from capital gains on investment in residential property to Rs 10 crore, has led to a spurt in buying and selling activities.
Major buyers of super luxury real estate properties are start-up founders and company promoters, who aim to save on taxes. These individuals are selling shares or stakes in their companies and investing the proceeds in high-end real estate.
Earlier Ritesh Dua Relaxo Footwear Bought a huge bungalow of 1250 square yards in Vasant Vihar, South Delhi for about Rs 70 crore.
Surrounded by embassies and close to Lutyens’ Delhi, areas in South Delhi are sought after by HNIs looking for large independent houses.
Earlier, JC Chowdhary, founder of Aakash Educational Services, had bought a 2,000-sq yard property in south Delhi’s Vasant Vihar area for over Rs 100 crore.
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