The Income Tax Department on Tuesday carried out large-scale search operations at the offices and residences of leading real estate developers in Ahmedabad, triggering a buzz in the city’s property sector.
Sources said the searches were conducted at premises linked to the Kameshwar Group and Deep Builders, covering both business offices and residential properties of the developers and their associates.
Locations associated with Prahalad Patel, Dipen Patel and Nikunj Patel of the Kameshwar Group were searched, along with premises linked to Dinesh Patel of the Deep Group and other related partners. In total, more than 35 locations across different parts of Ahmedabad were covered in the operation, which continued late into Tuesday.
According to sources, the searches are part of an investigation into alleged cash transactions in the sale of flats and commercial shops, pointing to possible tax irregularities and undisclosed income in real estate deals.
Sources also said a Deep Construction project under the Indraprasth scheme has come under the scanner. The group has developments in several prime areas of the city, including Shela, Bopal and Bodakdev.
During the raids, Income Tax officials examined documents, books of accounts and other financial records connected to the probe. Further details are expected after the search operation is completed.