I-T dept raids realtor in Hyderabad, ‘finds deals’ tied to Andhra Pradesh CM’s kin

HYDERABAD: Income Tax department conducted searches on Sandhya

Realtors

Pvt Ltd and Sandhya Hospitality Pvt Ltd on Tuesday and Wednesday and found crucial real estate and

land sale

transactions by family members of Andhra Pradesh chief minister N

Chandrababu Naidu

.

Sources said that sleuths of Income Tax department are grilling S Sreedhar of Sandhya Realtors regarding the land sale transactions of Naidu’s wife Nara Bhuvaneswari and his son Nara Lokesh’s wife Nara Brahmani. A source said that in the past two years, Sandhya Realtors and its directors have made real estate transactions of around Rs 400 crore to Rs 500 crore . The realtors in questions have allegedly shown advances towards real estate transactions but after the registration of properties, the sale profits are not shown in income tax returns.

Two years ago, Sandhya Realtors had brought a prime property in Panjagutta from Nara Bhuvaneswari for Rs 7 crore and a year ago, two plots of 1,000 square yards each were purchased by Sandhya Realtors in exchange of 3,000 square yards plot. Later the same plots were sold to certain companies which are now under the scanner of Income Tax sleuths.

S Sreedhar and his family floated at least 20 companies in hospitality, hotel and real estate sectors.

Senior leader of Telugu Desam Party (TDP) and TDP representative in New Delhi, Kambhampati Rammohan Rao, told TOI, “The Bharatiya Janata Party (BJP) wants to harass us as now we are not part of the NDA government at the Centre. They want to create an atmosphere of terror among the TDP leaders through Income Tax raids. They are abusing power. In this case, I don’t know about Sandhya Realtors, but the alleged transactions by the family members of our leader (Chandrababu Naidu) with that company are genuine. What is wrong if someone buys and sells their property? As long as they are paying taxes why should it bother the Income Tax department. If any documents related to these transactions are found, they are all genuine.”