The Income Tax Department launched a large-scale enforcement drive, conducting raids on multiple prominent real estate developers in Pune and Pimpri-Chinchwad. The action, which began around midnight, targeted several leading construction groups including Rakesh Sonigara of Sonigara Corp along with at least four other developers.
Teams of IT officials simultaneously searched offices, project sites, and residential premises linked to these developers. The coordinated operation covered properties across the twin cities, focusing on companies with significant influence in the region’s fast-growing real estate sector.
Though official statements are awaited, sources indicated that the raids are part of a wider probe into suspected financial irregularities. Investigators are reportedly examining records of large transactions, unaccounted income, and possible tax evasion linked to land dealings and housing projects. The department is expected to scrutinise balance sheets, electronic data, and cash transactions recovered during the searches.
Industry insiders said the timing of the raids has sent ripples through the local construction market, which has witnessed rapid expansion over the last decade. Pimpri-Chinchwad in particular has become a hub for mid- and large-scale residential projects, while Pune city continues to see high-value commercial and luxury housing developments. Officials believe that discrepancies in project financing and revenue reporting may have triggered the enforcement action.
This is not the first time Pune’s real estate sector has come under scrutiny. In recent years, several developers have faced investigations by tax authorities over issues ranging from benami transactions to under-reporting of sales. The latest raids, however, appear to be more extensive, covering multiple developers simultaneously and widening the scope of inquiry.
The department has not disclosed the names of all entities involved, but sources confirmed that several well-known builders are under the scanner. Details of cash seizures, document recoveries, or further action are likely to emerge once the operation concludes.
Image source- punecorporation.org
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