Warangal: The raids by sleuths of the Income Tax department on some of the big real estate companies in Warangal over the past three days are sending chills down the spines of real estate owners.
Big businessmen, including TRS leaders, have been reportedly grilled by I-T men. They were asked to produce documents related to their businesses and records of all transactions to see if tax payments have been made.
It is learnt that some Opposition leaders have complained to the I-T department that several irregularities are taking place in the sale of 110 luxury villas constructed in a venture at Hunter Road in a 13-acre plot of land. Each of these villas costs around Rs 1.5 crore to Rs 2 crore.
The I-T department is probing to see if the allegations that the buyers and the sellers have exploited loopholes for tax evasion were true.
The raids were conducted at Moksha Infra company which is headed by Muddasani Sahodar Reddy, an advocate and TRS leader. He, along with his son Keerthan Reddy, a contractor, builder Manda Ilaiah, and businessmen Santhosh Reddy and Paranjyothi came together to invest in the said venture at Hunter Road. Their corporate offices, homes and banks are being thoroughly scrutinised.
The buyers, too, are affluent people who invested in the luxury villas. I-T sleuths are not sparing anyone involved in this deal. However, the complete details of the raids are yet to be made public. After district reorganisation, real estate saw a sudden boom in erstwhile Warangal. Several builders and companies have cropped up in the last two years. Many are said to be running without licences.
With the ongoing raids, such businessmen are constantly watching their backs. They are afraid that their business graph may see a dip in the coming days in wake of the I-T raids in the city.
