Ramesh Juneja, the chairman of Mankind Pharma, and his wife Poonam Juneja have sold a bungalow in Vasant Vihar, Delhi for Rs 91 crore to Dhruv, Dakhsh, and Ranjana Malhotra from Everest Pressure & Vacuum Systems. The sale was facilitated by Christie's International Real Estate. The buyers paid stamp duty of Rs 4.85 crore to finalize the purchase of this 1200 square yard property. Meanwhile, Mankind Pharma, which recently launched its IPO, is facing allegations of tax evasion, leading to searches by the Income Tax Bureau.
Ramesh Juneja, the chairman of Mankind Pharma, and his wife Poonam Juneja, who serves as a director in the
company, have recently sold a bungalow located in Vasant Vihar, Delhi for a whopping Rs 91 crore. The buyers of the
property are Dhruv, Dakhsh, and Ranjana Malhotra from Everest Pressure & Vacuum Systems, who paid a stamp duty
of Rs 4.85 crore to finalize the purchase of this 1200 square yard property. The sale transaction was facilitated by
Christie's International Real Estate, in partnership with Himmat & Rohini Singh LLP in New Delhi.
Meanwhile, Mankind Pharma has recently made its debut on the stock exchanges after a successful launch of its Initial
Public Offering (IPO). However, amidst these developments, the Income Tax Bureau has conducted searches on the
offices of Mankind Pharma due to allegations of tax evasion. In response, the Income Tax division has initiated
searches on the company's properties. These actions are part of the ongoing investigation into the tax evasion charges.
The recent Union Budget announcement, which limits deductions from capital gains on residential property
investments to Rs 10 crore, has spurred increased buying and selling activities in the real estate market. Prominent
purchasers of super-luxury real estate include start-up owners and firm promoters who aim to reduce their tax burden.
They have been selling their ownership stakes in their businesses and reinvesting the proceeds in luxury real estate.
Examples of such transactions include Ritesh Dua of Relaxo footwear purchasing a large 1250 square yard bungalow
in Vasant Vihar for approximately Rs 70 crore and JC Chaudhry, the founder of Aakash Educational Services,
acquiring a 2,000-square-yard house in South Delhi's Vasant Vihar for over Rs 100 crore.
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