Real Estate

I-T Dept Raids Realty Players Including Bhutani Infra, Logix In Noida

The Income-Tax department on Thursday searched major real estate groups based in Noida, Uttar Pradesh as part of a tax evasion investigation against them, official sources said.
The premises of realty groups like Bhutani Infra, Group 108, Logix and some other companies were raided by the tax department, they said.
A total of 37 premises in Noida, Delhi and neighbouring Faridabad (Haryana) have been covered during the searches that were launched after noon, the sources said.
There was no immediate response from Bhutani Infra, Logix Group and Group 108 when contacted by PTI.
The books of accounts and inventories of these groups were looked into by the search teams, the sources said, adding that the raids were going on.
Bhutani Infra, which deals in luxury projects, stated last year that it was developing a 15 million square feet area in four projects in Noida and is expanding out of the national capital region for the first time in four locations, including Goa.
The Logix group has created large facilities for the Information Technology (IT) sector apart from residential units.
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