After Vamsiram Builders, I-T sleuths set to target another Hyderabad real estate firm

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BySouth First Desk

Published Dec 07, 2022 | 9:27 PMUpdatedApr 04, 2023 | 9:02 PM

Vamsiram project

The focus of central investigating agencies on real estate companies in Hyderabad, almost all of which are being seen as fronts for ruling TRS leaders, is likely to remain as sharp as ever.

Even as one of the big builders — Vamsiram Builders — is currently facing the heat with IT raids underway for the past two days, another fairly large firm, mostly into villa projects in the west of Hyderabad, is on the radar.

The buzz is that it’s only a matter of few days before the tax guys swoop in on this company as well, which has reportedly raised lot of cash in pre-launch bookings.

Vamsiram Builders, which is into multiple projects in Hyderabad, is also in possession of a huge chunk of land in the prime Banjara Hills area of the city, which was acquired from a late Telugu Desam leader.

However, the capital gains tax, which runs into several crores of rupees, was not paid by the seller. Instead, the matter was legally challenged and the case was lost.

The IT raids came just at a time when the matter was being escalated to the Supreme Court. More skeletons are likely to tumble out now.