Real Estate

Real Estate Transactions

Sebi to auction Arise Bhoomi Properties; reserve price fixed at Rs.52.28 Cr

Financial Express  

Sebi will auction properties of Arise Bhoomi Developers and its directors on August 26 for a reserve price of INR 52.28 crore. The move is a part of Sebi's effort to recover investors' money. Arise Bhoomi Developers had mobilised over INR 8 crore during 2013-14 from the public in the name of ‘purchase of agricultural land' through its various investment schemes, promising them an expected sum at the end of the contract. The company is alleged to have launched the schemes without obtaining necessary approvals.