IT raid on real estate players, Rs 31L cash seized
Sep 05, 2015
Source : Toi

NAGPUR: IT search and survey operations were simultaneously carried out at the premises of few top builders and developers in city on Friday over alleged irregularities in their financial matters. The action, during which more than 31 lakhs in cash was seized, is likely to continue.

Sources in the trade said that the IT's sweeping raids on builders and developers have sent a shock wave among the other big names. Nagpur, following an expansion boom, had seen a spurt in real estate activities. The IT action is expected to put the brakes on the dubious practice of maintaining duplicate records.

IT sources said searches, under section 132 of IT Act, were conducted at the residences of four top builders in city. The survey proceedings were conducted at offices of three builders and developers at different places in the city under section 133A of IT Act. During the searches, the IT officials have also come across several bank and other financial documents and three lockers.

Apart from cash, it's learnt that substantial documents and records were also seized. A senior officials said several incriminating evidences have been found during the actions which is expected to be intensified in the coming days. Documents related to the sale and purchase of assets and properties have been seized too.

A senior official said that searches were initiated to unearth evasion of tax through unaccounted financial transactions over the years. The IT department has already come across within a day substantial amount of unaccounted financial deals being made by the builders and developers in the projects at different places.

Sources in the IT said related documents and corresponding financial transactions would be soon placed under scrutiny to understand the modus operandi followed to evade taxes.

 

Latest Realty News

New-policy-to-rope-in-Maharashtra's-private-builders-for-affordable-housing-
Sep 03, 2015
MUMBAI: The state government will soon come up with a new policy that will make it mandatory for private builders to transfer a certain housing stock to Maharashtra Housing and Area Development Authority (MHADA).
Builders-market-projects-during-Kumbh-Mela
Sep 02, 2015
NASHIK: City builders and developers facing slowdown for the past three-four years have started marketing their projects in view of the Kumbh Mela.
Real-estate-agents-now-a-part-of-Central-Advisory-Council-
Sep 01, 2015
MUMBAI: The central government, through a crucial amendment, has included real estate agents in the Central Advisory Council that will help the government understand issues related to the real estate sector.
Weak-sales,-stagnant-prices-pose-challenge-for-realty-companies:-Moody's-
Sep 01, 2015
NEW DELHI: Weak housing sales and stagnant prices will pose challenge to big real estate developers over the next 12 months as their cash flows and project execution capabilities get affected, ratings agency Moody's said.
Kolkata-based-BGA-Realtors-plans-cheap-housing-in-6-states
Aug 29, 2015
KOLKATA: Kolkata based BGA Realtors is looking to build 1.5 million sq ft of affordable housing space across Gujarat, Madhya Pradesh, Assam Jharkhand, Bihar and Andhra Pradesh said a top company of ficial.
Govt-announces-98-Smart-Cities,Venkaiah-Naidu-terms-them-‘safe-investments-for-pvt-firms’
Aug 28, 2015
The union government on Thursday released the list of 98 cities that will be developed under the Smart Cities mission. These cities together have a population of 13 crore, accounting for 35 per cent of India’s urban population.
Bandaru-miffed-with-'illegal'-building
Aug 28, 2015
HYDERABAD: Until now it was only the common man who was irked by the illegal construction of buildings. The issue has now starting to give sleepless nights to even the Union ministers.
Construction-slowdown-hits-PM-Modi's-jobs-promise
Aug 28, 2015
NOIDA: After a decade labouring on building sites around New Delhi Akhilesh Kumar lost his scaffolding job last month when his employer halted work on an array of 30 residential towers. He joins more than half a million workers let go from sites around India's capital in the last 18 months, in a stark sign that the ground reality in Asia's third-largest economy is far from as rosy as official data suggests.
Mumbai-set-to-have-India's-tallest-commercial-building-
Aug 27, 2015
NEW DELHI: India's tallest commercial building is set to come up in Mumbai, with the Nitin Gadkari-led Ministry of Shipping proposing to construct a towering 'business district' on Mumbai Port Trust land to monetise the asset and ease the space crunch in the country's financial capital. "It will be a 130-storey building and will house mostly offices along with other amenities. We are working on the plan and it's still in initial stages," Gadkari told ET.
Commercial-real-estate-up,-residential-down-across-major-Indian-cities,-says-report
Aug 26, 2015
MUMBAI: Average transacted office lease sizes across Mumbai, Bangalore, Chennai and Pune have increased from the uncertain times seen in 1Q14 - prior to the general elections, global property consultant JLL India said on Tuesday. "Market morale was low in 1Q14, which could explain the lower sizes. Following elections in May 2014, however, market sentiment improved gradually, while Mumbai, for example, witnessed 65% appreciation in average deal sizes between 2Q14 and 2Q15," it said.

Latest Realty News Of State

Realty Talk's