Sahara said the reason is clear that the SEBI, despite giving four rounds of advertisements in 154 newspapers in last 8 years across the country, has repaid only Rs 107 crore to the investors. In its last advertisement that was published around a year ago.
The project will also offer residential development of 8.5 acre, which will be leased out by Rail Land Development Authority (RLDA). The total construction cost estimated for station development is around Rs 190 crore and the commercial development will further cost Rs 170 crore.
Of the two plots, the company will be selling 6.4 acre at its project Arihant Akarshan in Chokha locality of the city, while over half an acre will be from the project Arihant Adita on Gangana Road, the company said in a regulatory filing.