Unaccounted Rs 150 Crore Transactions Uncovered

14 Nov 2024 CW Team

In a recent investigation in Gujarat, the Income Tax (I-T) Department uncovered unaccounted transactions amounting to Rs 150 crore linked to prominent real estate builders. The search operation revealed evidence of tax evasion through undisclosed financial dealings, with the builders allegedly engaging in transactions that bypassed proper documentation. This discovery highlights the ongoing issue of black money and non-compliance within the real estate sector, particularly involving high-value transactions that often go unchecked.

The I-T Department’s efforts are part of a broader crackdown on illicit financial practices in the real estate industry, aiming to ensure transparency and enforce tax regulations. Builders involved in such transactions could face severe penalties, including fines and potential legal actions, depending on the scope of their violations. The findings could lead to further scrutiny of the sector, urging more stringent compliance measures from builders and other stakeholders in the real estate market.

Real estate has often been associated with the flow of unaccounted money, with off-the-books transactions being a significant challenge for regulators. This recent search serves as a reminder of the importance of maintaining financial integrity within the industry, as well as the need for robust monitoring and enforcement to curb such practices. For the builders in question, this investigation may not only affect their operations but could also result in damage to their reputation and trust with investors, regulatory bodies, and the public.

Real Estate

17 Sep 2025

Indian REITs Offer 6-7.5 per cent Yield, Surpassing Many Global Markets

Indian Real Estate Investment Trusts (REITs) are delivering average yields of 6–7.5 per cent for unitholders, outperforming many mature markets, including the US, according to a report by Credai and Anarock.Credai, the apex body of Indian real estate developers, and property consultant Anarock released the report Indian REITs – A Gateway to Institutional Real Estate at an event in India.Currently, India has five listed REITs – Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, Nexus Select Trust, and Knowledge Realty Trust. Nexus Select Trust pr..

Insolation Energy Wins 226 MW Solar Projects Under PM-KUSUM

Insolation Energy on Monday announced securing multiple solar projects totalling 226.45 MW, with an investment of Rs 7.5 billion, under the PM-KUSUM scheme. The orders were awarded to its wholly-owned subsidiary, Insolation Green Energy Pvt Ltd, by Jaipur Vidyut Vitran Nigam Limited for 20 sites and Ajmer Vidyut Vitran Nigam Limited for 115 sites, the company informed the exchanges.“The combined SPV solar power plants will total 226.45 MW under PM-KUSUM Component A, with the final levelised tariff at Rs 3.04 per unit for 16 sites, Rs 2.82 per unit for 5 sites, Rs 2.75 per unit for 53 sites, ..

Numaligarh Refinery Awards EPC Contract for Rooftop Solar Projects

State-owned Numaligarh Refinery Ltd. (NRL) has awarded a Letter of Award to Solarium Green Energy Ltd. for the rate contract covering the Engineering, Procurement, and Construction (EPC) of grid-connected rooftop solar PV projects at various locations. The projects fall within the categories of 51–200 kW and 201–1000 kW. Notable projects include a 140 kW rooftop solar plant at NRL Assam, a 760 kW plant at NRL Assam, and a 280 kW plant at NRL West Bengal.The supply order covers ex-manufacturing works and the dispatch price for plant and equipment for the 140 kW, 760 kW, and 280 kW rooftop s..