Office to villa

After the Indian government moved to a new tax regime with Mauritius in April — till last financial year, all investments made through Mauritius and Singapore were exempt from short-term capital gains tax — many funds have been shipping out of these countries to tax-friendly jurisdictions. One such big-ticket investor has hit upon an innovative idea to monetise some of the real estate it owned in the island nation but which are of no use now. The fund has converted its erstwhile workplace into a premium villa, renting it out to tourists.