Sobha Developers says IT authorities verify books of accounts

Real estate firm Sobha Developers today said that income tax officials have carried out a routine verification of its accounts.

"The Income Tax Authorities have conducted a routine verification of books of accounts at the company's premises on October 10," the Bangalore-based developer said in a filing to the BSE. The company extended its full co-operation and assistance to the IT authorities, according to the filing.

Besides Bangalore, the company has projects in the National Capital Region, Chennai, Pune, Thrissur, Coimbatore, Kozhikode and Mysore.

Sobha's sales bookings rose 23% to Rs 1,235 crore during the first half of the current financial year.

The company had set a new-sales guidance of 4.2 million square feet valued at Rs 2,600 crore for this fiscal year.