In Hyderabad, the Income Tax Department searches for builders.

HYDERABAD: Income tax (I-T) investigators have searched three real estate firms in the city for possible tax evasion. On Wednesday, several I-T teams searched the offices of Oorjita Builders and Developers, Sri Aditya Homes, and other firms, as well as their promoters, in Jubilee Hills, Banjara Hills, Karkhana, Madhapur, Gandipet, and other areas.

I-T sleuths were investigating possible tax evasion after some real estate companies recently sold villas in Gandipet, Narsingi, Kokapet, Nanakramguda, and other western parts of the city for 25-35 crore each.

“A substantial sum of money is paid in cash. As a result, we conducted searches to identify both buyers and real estate firms “According to an I-T official.

The city has seen a surge in I-T searches for top real estate firms.