Tamil Nadu: Charges untrue, says G Square as I-T raids continue
CHENNAI: I-T searches at 50 locations related to real estate firm G Square Realtors Private Limited in Tamil Nadu, Telangana and Karnataka continued for the second day on Tuesday. The raids are being carried out after BJP president K Annamalai released ‘DMK files’ detailing properties allegedly owned by members of the ruling party.
He had alleged G Square was owned by the DMK’s first family, and that it had amassed wealth through corruption. G Square had earlier denied that it was owned by the DMK’s first family, which was reported by TNIE. Reacting to the allegations, G Square said verification of encumbrance certificates that are readily available online will show that the company developed projects at different points in time and sold plots to about 6,000 customers over the years.
“Most of such purchases by customers have been through bank loans. Sale proceeds from genuine transactions were, in turn, utilised for the development of other projects and it is actually a false point to include these sale proceeds as well as sold-out plot value and project a revenue holding, which is far from the truth,” the company said in a statement.
“Among projects present on the website, close to 22 are almost sold out, which the public has brought and got patta transferred in their names and even started construction. A few projects are yet to be acquired where we just signed the initial agreement, but have unfortunately been claimed as revenue holding/assets of G Square,” the statement added.
On the layout at Kovalam (G Square Prestige), the company said out of the entire area of 12.75 acres, only 9.7 acres has been developed so far out of which four acres alone is saleable area forming a total of 128 residential and three commercial plots. “While the total value of the said 131 plots is not more than Rs 40.44 crore, Annamalai claimed that the company has got a revenue holding of Rs 683.11 crore in the project,” the statement said.