Income Tax Department Conducts Raids on Prestige Group's Bengaluru Offices
The Income Tax Department conducted multiple raids on the offices of leading real estate developer Prestige Group over alleged tax evasion, adding financial pressure on the company.
Income TaxPrestige GroupBengaluruTax EvasionReal EstateReal Estate NewsFeb 26, 2025
Tax officials from Delhi, Goa, and Bengaluru raided Prestige Estate Projects Ltd's head office on Brunton Road, its registered office on MG Road, and other locations in Shivaji Nagar, all in Bengaluru.
The Bengaluru-based real estate giant has a significant presence in the residential, commercial, retail, and hospitality sectors across major metropolitan cities.
Recently, the company expanded into Mumbai with large projects in Charni Road, BKC, and other key areas.
The raids come at a time when Prestige Group is facing a significant financial downturn, despite recently announcing plans to launch ₹30,000 crore worth of housing projects across Bengaluru, Delhi-NCR, Chennai, and Mumbai.
The ongoing investigation has reportedly added financial pressure on the developer.
In an official statement, Prestige Estates Projects said it is fully cooperating with the Income Tax officials and providing all required data and support.
“We hereby inform that the Income Tax Department is conducting a search at the registered office and other branch offices of the company from February 25, 2025,” the company stated in an exchange filing.
During the search, IT officials thoroughly examined transaction records, financial documents, and digital data for evidence of tax evasion.
Employees present at the offices were also questioned about the company’s financial practices.
A senior IT official confirmed that the raids are part of an ongoing investigation, and further details will be released after reviewing the confiscated materials.
Frequently Asked Questions
What triggered the Income Tax raids on Prestige Group?
The raids were triggered by allegations of tax evasion. The IT department is investigating transaction records, financial documents, and digital data to gather evidence.
Which cities are affected by the Prestige Group's projects?
Prestige Group has a significant presence in Bengaluru, Delhi-NCR, Chennai, and Mumbai, with major projects in these cities.
How much financial pressure is Prestige Group facing?
Prestige Group is facing significant financial pressure due to the ongoing investigation, despite plans to launch ₹30,000 crore worth of housing projects.
What is Prestige Group's official stance on the raids?
Prestige Group has stated that they are fully cooperating with the Income Tax officials and providing all required data and support.
What areas in Bengaluru were raided by the IT department?
The IT department raided Prestige Group's head office on Brunton Road, its registered office on MG Road, and other locations in Shivaji Nagar, all in Bengaluru.
Related News Articles
Dividend Delights: Tata Elxsi, Titan, IndusInd Bank, BoB, and More to Issue Dividends and Bonus Shares
Several companies, including Tata Elxsi, Titan, IndusInd Bank, and Bank of Baroda, are set to issue dividends and bonus shares this week.
Luxury Homes Take Center Stage: India's Residential Real Estate Market Shifts Gears
Homes priced above Rs 1 crore now dominate India's residential real estate market, indicating a trend towards upscale living
Series of Tragic Hit-and-Run Incidents Rocks Nashik, Maharashtra
Maharashtra witnesses surge in hit-and-run cases, Nashik mourns loss of three young lives
Top Real Estate Developers Slash Debt by 54% in Q1 FY25
The net debt of the leading eight real estate developers has been cut by almost half, dropping to approximately ₹20,808 crore by Q1 FY 2025, compared to the peak year FY19-end.
NearEstate.in Transforms the Real Estate Market with Cutting-Edge Virtual Property Tours
Emerging PropTech startup, NearEstate.in, based in Hyderabad's T-Hub, has revolutionized the real estate industry by offering over 1,500 virtual 360-degree property tours, providing a seamless and immersive experience for homebuyers and investors.
Gauri Khan Sells Mumbai Flat for ₹11.61 Crore, Reaps 37% Profit in Just 19 Months
Gauri Khan, the renowned Indian interior designer and wife of Bollywood superstar Shah Rukh Khan, has sold her Mumbai flat for a staggering ₹11.61 crore, marking a 37% profit in just 19 months. This impressive sale highlights the robust real estate market in the bustling metropolis.