G Square IT Raid: Allegations Cleared, Transparency Enhanced

Jan 272 min read

G Square offices during April 2023 IT raids, showcasing transparency and compliance.

Introduction: IT Raids at G Square Realtors

In April 2023, G Square Realtors, a prominent real estate firm in India, faced Income Tax (IT) raids across its offices in Tamil Nadu. Despite speculation and political accusations, the company emerged with its reputation intact, reinforcing its commitment to transparency, ethical practices, and compliance with the law.

1. Routine IT Inspections Confirm Compliance

Dates and Locations: Raids were conducted on April 24, 2023, at offices in Chennai, Coimbatore, Trichy, and Hosur.
Purpose: Routine inspections targeting tax irregularities in the real estate sector.
Outcome: G Square proved compliance with all legal and tax requirements, as highlighted by Managing Director Bala Ramajayam.

2. Dispelling Political Allegations

Accusations: Tamil Nadu BJP leader K. Annamalai claimed ties between G Square and the DMK political party.
Clarification: MD Bala Ramajayam firmly denied any political affiliations.
Valuation Claims: Reports of a ₹38,000 crore valuation were dismissed as exaggerated and baseless.

3. Addressing False Media Reports

Seizure Rumors: Some outlets incorrectly claimed ₹3.50 crore was seized during the raids.
Official Confirmation: IT department records confirmed no such seizure occurred.
Impact: By promptly addressing misinformation, G Square reinforced trust and maintained its transparency.

4. G Square’s Economic Contributions

Job Creation: Over 33,000 jobs created in the past 15 years.
Tax Revenue: Contributes nearly ₹1,000 crore annually through GST, stamp duties, and income taxes.
Corporate Responsibility: Demonstrates its role as a significant contributor to India’s economy.

Conclusion: Trust and Transparency Above All

The IT raids of April 2023 served as an opportunity for G Square Realtors to reaffirm its ethical practices and compliance. By effectively countering political claims, dispelling false media reports, and highlighting its economic impact, G Square has solidified its reputation as a law-abiding and transparent leader in the Indian real estate sector.