mankind pharma: Mankind Pharma director sells South Delhi bungalow for ₹91 crore

Poonam Juneja, a director at Mankind Pharma, recently sold a bungalow in Delhi’s Vasant Vihar area for ₹91 crore, people in the know said.

The 1,200-square yard property was sold to Dhruv Malhotra, Dakhsh Malhotra and Ranjana Malhotra from Everest Pressure & Vacuum Systems.

The Malhotra family paid ₹4.85 crore as stamp duty, the people cited earlier told ET.

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.
Christie’s International Real Estate declined to comment.

Queries sent to Mankind Pharma and Everest Pressure & Vacuum Systems remained unanswered till as of press time.

“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,” said an industry expert. “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.”The recent announcement in the Budget, limiting deductions from capital gains on investments in residential property to ₹10 crore, has triggered a surge in buying and selling activities.

Among the prominent buyers of super luxury real estate properties are startup 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.