Mankind Pharma director, Poonam Juneja, has successfully sold a luxurious bungalow located in the upscale Vasant Vihar area of South Delhi for a whopping sum of INR 91 crore. The transaction was confirmed by sources familiar with the matter. The bungalow, sprawling across an expansive 1,200-square yard plot, was acquired by Dhruv Malhotra, Dakhsh Malhotra, and Ranjana Malhotra, who are associated with Everest Pressure & Vacuum Systems. As part of the sale, the Malhotra family paid INR 4.85 crore as stamp duty, according to the sources cited by ET.
The high-profile deal was facilitated with the involvement of Christie’s International Real Estate, a renowned name in the global real estate market. Christie’s recently entered the Indian market through its affiliation with Himmat & Rohini Singh LLP in New Delhi. However, both Christie’s International Real Estate and the parties involved in the transaction declined to provide any official comments. Queries directed towards Mankind Pharma and Everest Pressure & Vacuum Systems also remained unanswered at the time of reporting.
Real estate experts have noted that the Vasant Vihar area has witnessed a surge in property availability following the lifting of lockdown restrictions. Plot sizes in Vasant Vihar range from 450 square meters to 2,000 square meters, presenting an attractive opportunity for individuals looking to liquidate their assets. One key advantage of larger plots in South Delhi, as opposed to Lutyens’ Delhi, is the allowance for the construction of up to four floors, making them highly sought-after by buyers.
The recent budget announcement, which introduced a cap of INR 10 crore on deductions from capital gains for residential property investments, has sparked a flurry of buying and selling activities in the real estate market. This development has further fueled the eagerness among individuals to capitalize on the current market dynamics and make strategic property transactions.
The sale of Poonam Juneja’s bungalow for a staggering INR 91 crore not only underscores the buoyancy in the high-end real estate segment but also highlights the demand for exclusive properties in prime locations like Vasant Vihar. The transaction serves as a testament to the resilience and attractiveness of the South Delhi real estate market, even amidst challenging times.
As the real estate landscape continues to evolve, such notable transactions set the tone for future deals and investments in the industry. The sale of this prominent bungalow signifies the desirability and value associated with luxurious properties in sought-after locations. It also demonstrates the confidence of buyers in making substantial investments in the real estate sector.
As the market progresses, industry experts will closely monitor the impact of budgetary reforms on the real estate sector and analyze how they shape buying and selling trends across various segments. Amidst evolving market dynamics, transactions of this nature will undoubtedly serve as benchmarks for pricing and market sentiment within the luxury real estate sector.
The sale of Poonam Juneja’s South Delhi mansion has captured the attention of real estate enthusiasts and investors alike. With its remarkable price tag and prestigious location, it signifies the ever-present allure of the luxury property market and the continued fascination with exclusive homes in prime areas of the city. This transaction serves as a reminder of the potential for lucrative deals in the real estate sector and provides insight into the evolving trends and preferences of buyers in the market.
Moving forward, industry observers will closely monitor the impact of the budgetary reforms on the real estate market and analyze how they shape buying and selling trends in various segments. As buyers and sellers navigate through the evolving market dynamics, transactions of this nature will undoubtedly serve as benchmarks for pricing and market sentiment in the luxury real estate sector.
