Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Propstack, a real estate data platform, has acquired documents indicating that Gameskraft, an online gaming company headquartered in Bengaluru, recently purchased an 8.61-acre plot of land in Gurugram, Haryana, for INR 90 crore. Gameskraft Technologies Private Limited finalised the transaction on March 11, 2024, paying INR 6.3 crore in stamp duty and INR 50,005 in registration fees. Authorities have designated the land, located in Balola village within Gurugram district's Wazirabad sub-tehsil, as agricultural. Established in 2017 by Prithvi Raj Singh, Gameskraft operates real-money gaming platforms such as Rummyculture and Gamezy, offering games like rummy, fantasy sports, and online ludo.
Additionally, the company manages social gaming brands like Playship and Pocket52, boasting a workforce exceeding 700 employees. Rishi Wadhera, Gameskraft's Vice President of Corporate Communications and CSR, confirmed the land acquisition, emphasising its alignment with the company's broader social initiatives, particularly in educational development. Gameskraft aims to establish an educational institution through its social arm, the Gameskraft Foundation, showcasing its commitment to skill-building and education.
Despite facing scrutiny, especially regarding alleged Goods and Services Tax (GST) evasion, Gameskraft reported a total profit of INR 1,061.86 crore for the fiscal year 2022-23, marking a 14.1 percent increase from the previous fiscal year's profit of INR 930.5 crore. In September 2022, a GST intelligence unit issued a show-cause notice to Gameskraft Technology Private Ltd. (GTPL) alleging failure to remit INR 21,000 crore in GST between June 30, 2017, and June 30, 2022. Gameskraft challenged the notice in the Karnataka High Court, and it was later dismissed in May 2023. However, the revenue intelligence unit of the GST department appealed this decision to the Supreme Court.
Gameskraft's successful financial performance reflects its resilience and strategic initiatives, despite legal challenges. The acquisition of land in Gurugram highlights the company's growth trajectory and diversification into real estate assets. Moreover, Gameskraft's commitment to social responsibility through educational initiatives demonstrates its broader impact on society beyond the gaming industry. With its innovative gaming platforms and social endeavours, Gameskraft continues to solidify its position as a prominent player in the online gaming sector while contributing positively to societal development.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
