In what is perhaps the biggest property deal in the country, as many as 28 housing units worth Rs 1,238 crore have been bought by family members and associates of D’Mart founder Radhakrishna Damani in Mumbai, registration documents accessed by Zapkey.com showed.
This comes close on the heels of a provision in the 2023 Budget announced a few days back that was expected to have an impact on the sale of uber luxury properties from April 1. A Rs 10-crore cap has been imposed on the reinvestment of capital gains from the sale of long-term assets, including housing property. No such cap is applicable at the moment.
Some of the properties have also been bought in the names of companies, the documents showed.