Track2Realty Exclusive: Land as the major input of real estate business is still attracting a premium though land assembling at the cost of project execution has backfired on the fortunes of many realty companies in India.
The market regulator Securities & Exchange Board of India (SEBI) on Tuesday told the Supreme Court that the real estate arm of the Sahara group of companies had no right to mobilise Rs.27,000 crore from 30 million investors through debentures without complying with the regulatory regime.
The 31 tenants in the Sara and Sahara shopping centres, which are allegedly owned by underworld don Dawood Ibrahim, will have to vacate the premises.