Arlekar told mediapersons here that the money has been paid through a proper source to buy the plot.
The anti-corruption cell of Goa police has started an inquiry into the matter, based on a complaint filed earlier by social activist Aires Rodrigues against the Speaker.
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He said the allegations against him were "malicious" and that the Right to Information has been used to blackmail him.
The Speaker said he was contemplating moving a privilege motion in the matter during the state Legislative Assembly session, to be held in the first week of March.
He also said that he would ask the state government to file a complaint against Rodrigues for making a false complaint.
Rodrigues, who is also a lawyer, had earlier alleged that Rs 72 lakh was paid by the Speaker to purchase the land measuring 500 square metres.
Quoting the sale deed, Rodrigues had said that the land was purchased from a Delhi-based journalist.
"Sale deed does not reveal the mode of payment, whether it was paid in cash, cheque or draft," he said in an application.
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