Hyderabad: I-T raids on Navya Developers

Patancheruvu: The Income Tax (IT) officials on Wednesday conducted searches at Navya Developers office in Patancheru, Sangareddy district and simultaneous raids were conducted in Andhra Pradesh and Karnataka on charges of tax evasion. According to sources, the IT officials had also conducted searches at the residence of PS Sridhara Reddy, the managing director of Navya Developers, and questioned him about the multiple ventures that his organisation was carrying out in various States.

It was alleged that the real estate firm was involved in evading taxes and was indulging in setting up benami properties in neighbouring States. However, the details of any kind of cash seizures or land documents from the offices of Navya Developers was not known as the raids were reportedly on till late in the night.

Navya Developers has its head office at Navya Nagar colony, Ameenpur in Sangareddy.

The customers, who had come to this office, were sent back by police as the IT officials were scrutinizing the various documents and also the executives working in the office were instructed not to move out of the office. The IT sleuths seized their mobile phones while the searches were on.

According to the information obtained from the website of Navya Developers, the MD of the organisation started with granite business in 1996 and within a decade, i.e., in 2005, the MD ventured into real estate business and since then the organisation has been in real estate business. Navya Developers are said to have reportedly invested in several acres of land on Zaheerabad highway after the recent announcement of NIMZ (National Investment and Manufacturing Zone) by the State Government. This had led to a spurt in land prices in Sangareddy and Zaheerabad.