The Income Tax (IT) department conducted multiple raids on Tuesday at various offices of leading real estate developer Prestige Group over alleged tax evasion.

Tax officials from Delhi, Goa, and Bengaluru raided Prestige Estate Projects Ltd's head office on Brunton Road, its registered office on MG Road, and other locations in Shivaji Nagar, all in Bengaluru.

The Bengaluru-based real estate giant has a significant presence in the residential, commercial, retail, and hospitality sectors across major metropolitan cities. Recently, the company expanded into Mumbai with large projects in Charni Road, BKC, and other key areas.

The raids come at a time when Prestige Group is facing a significant financial downturn, despite recently announcing plans to launch ₹30,000 crore worth of housing projects across Bengaluru, Delhi-NCR, Chennai, and Mumbai. The ongoing investigation has reportedly added financial pressure on the developer.

In an official statement, Prestige Estates Projects said it is fully cooperating with the Income Tax officials and providing all required data and support. “We hereby inform that the Income Tax Department is conducting a search at the registered office and other branch offices of the company from February 25, 2025,” the company stated in an exchange filing.

During the search, IT officials thoroughly examined transaction records, financial documents, and digital data for evidence of tax evasion. Employees present at the offices were also questioned about the company’s financial practices. A senior IT official confirmed that the raids are part of an ongoing investigation, and further details will be released after reviewing the confiscated materials.