The Income Tax Department Conducts Raids At The Prestige Estates Office

The Income Tax department conducted a lot of raids at many offices of Prestige Group over alleged tax evasion. Tax officials from Goa, Delhi, and Bangalore raided Prestige Estate Projects' head office, which is on Brunton Road. They also raided its registered office on MG Road, Shivaji Nagar and other office locations in Bangalore.

The real estate giant has a presence in the real estate sectors across major cities. Now, the company has come to Mumbai with big projects in BKC, Charni Road, and other key areas.

The raids came at a time when Prestige Group was facing a financial downturn. But they recently announced plans to launch Rs. 30,000 Crores worth of housing projects across Bangalore, Chennai, Delhi, and Mumbai. The ongoing raid has added a lot of financial pressure on the developer.

Prestige Estates now reported an 84.8% drop in net profit for the 3rd quarter of the financial year. The real estate company’s profit fell to ₹17.70 Crores in the quarter ended on December. There was a sharp decline from ₹116.30 Crores in the same period last year.

They also saw a 7.9% drop in revenue. It stood at ₹1,654.50 Crores compared to ₹1,795.80 Crores a year ago. But EBITDA rose by 7% to ₹590.10 Crores. The margins improved to 35.7% from 30.70%.

Now, Prestige Estates are fully cooperating with all the Income Tax officials. They are giving all the needed data and support. They also stated that the IT Department is searching for branch offices from Feb 25 2025.

During the search, all the officials examined financial documents and digital data for evidence of tax filing. Workers present at the offices were questioned about the financial practices. A senior IT official made sure that the raids were part of an ongoing investigation. All the further details will be released after reviewing the full reports.

Prestige Group pre launch new project is Prestige Spring Heights