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Telangana: Googee Properties raided in renewed I-T crackdown on Hyderabad realtors

Sources said the I-T department suspects involvement of foreign investors, questions source of funds in several transactions.

BySouth First Desk

Published Feb 28, 2023 | 10:45 PM ⚊UpdatedFeb 28, 2023 | 10:45 PM

For the past two years, the I-T department has intensely scrutinised realtors and firms building infrastructure. (Creative Commons)

Continuing a crackdown on real estate companies in Hyderabad, the Income Tax (I-T) department conducted searches at half a dozen premises of Googee Properties, including its head office in Kothapet and the offices of its chairman and CEO on Tuesday, 28 February.

As many as two dozen teams, comprising over 50 officers, began the searches in the morning and seized several documents for detailed examination.

Sources said that the officials found irregularities in the company’s accounts and in the source of funds used to buy vacant plots for real estate projects. The I-T officials also suspect the involvement of foreign investors.

Googee Properties, established in 2017, has completed over five projects so far.

Going after realtors

For the past two years, the I-T department has intensely scrutinised realtors and firms building infrastructure, suspecting the role of some politicians in the flourishing real estate business in the city, especially in the western part of Hyderabad.

Last month, the I-T department conducted raids on real-estate businessmen and financiers in the Telugu movie industry for alleged tax evasion. The action is believed to be based on alleged irregularities in their I-T returns.

Thirty five teams raided properties belonging to realtors Madhava Reddy and Srinivas Reddy.

One team raided the house and office of Madhava Reddy, along with the office of a real estate company under the limits of Banjara Hills police station. It is alleged that Madhava Reddy worked as a ‘benami’ for a prominent city businessman.

Another team raided the premises of Srinivas Reddy, a real estate company director, in Kukatpally, Jubilee Hills, Gachibowli, Kondapur, and Panjagutta.