Sahara Real Estate projects remain static still

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Sahara City Homes, housing projects of Sahara group’s real estate arm, has its tagline as Jahaan Bassey Bharat which means ‘Where India lives’. But the present situation of the company is quite different from this tagline.

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Sahara Real Estate projects remain static still By Harinee

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Sahara City Homes, housing projects of Sahara group’s real estate arm, has its tagline as  Jahaan Bassey Bharat  which means ‘Where India lives’. But the present situation of the company is quite different from this tagline. Sahara City Homes have around 10 projects under its banner of which at least four in Aurangabad, Ahmedabad (Gujarat), Pune (Maharashtra) and Bareilly (Uttar Pradesh) have neither geared up with the construction nor stuck in between. People, who have booked their flats in Sahara’s projects, have been waiting for the possession for almost six years but the project has not been progressive. They have also been asked to wait for another two years or take back their money. The project proposed on Ahmedabad’s Outer Ring Road is spread across 104 acres and was planned to have about 4,000 houses. http://property.sulekha.com/sahara-real-estate-projects-remain-static-still_615293_blog

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Another project in Aurangabad is spread across 82 acres consisting 2,200 apartments which has also failed to take off. The land for the project for bought 10 years ago. The sources say that the group is planning to sell the plots and also that the company had not bought any new land parcel since June 2013. Towards the end of last year, a contempt case was filed against Sahara Housing Investment and Sahara India Real Estate by Securities and Exchange Board of India (SEBI) stating that the plot in the Versova area was disproportionately overvalued. SEBI also questioned the valuation of plots those were purchased in 2012-2013 which was priced 16 times the purchase price. http://property.sulekha.com/sahara-real-estate-projects-remain-static-still_615293_blog

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