Mumbai: The Income Tax Department (IT) conducted raids on Bengaluru-based real estate giant Puravankara Ltd at multiple locations, including Mumbai, Pune, Chennai and Hyderabad, on Wednesday.
The taxmen raided more than 40 premises of the real estate developer for alleged tax evasion and irregularities in account books on payments received for bookings.
Huge tax evasions detected
“The developer in the premium housing segment had made massive investments in land parcels in the past few years but did not match the sales receipts of their projects. Huge tax evasions was detected in data analytical software of the I-T department,” confirmed a senior tax official.
Puravankara acquired multiple land parcels in the Mumbai Metropolitan Region and Pune in the past five years to grow its portfolio outside its core property market of Bengaluru.
The developer’s luxury portfolio ‘World Home Collection’ and mid-income project ‘Provident Housing’ were popular in Mumbai. It received the ‘Iconic Brands of India 2023’ award by ET Edge last month.