Sebi roped in HDFC Realty and SBI Cap after being asked by the Supreme Court to initiate the process of selling Sahara properties whose titles have been deposited with it by the group
More properties are expected to go under the hammer in the coming days.
Following a go-ahead from the Court, the two entities have put in place a mechanism to auction these properties.
At the reserve price, these auctions will take the total fund raising to at least Rs 3,100 crore (Rs 31 billion).
Consolidation is happening because of a prolonged slowdown in residential sales which has also brought down the business of brokerages.
Property sold via HDFC Realty for Rs 58 cr; 60 properties on sale via e-auction
Major shareholder Kinnevik, a Swedish investment firm, devalued Quikr by 45%, referring to the exaggerated revenue resulting from fraudulent transactions that rocked the company. Quikr is now valued at about $577 million.
SBI, the country's largest lender, first announced a rate cut of 0.25 per cent in its home loan rates on Thursday, forcing HDFC, the second biggest home loan financier, to respond.
Senior advocate Rajeev Dhawan, appearing for Sahara, sought release of Sahara chief Subrata Roy on the ground of his "deteriorating" health and the fact that market regulator Sebi has already been authorised to sell 66 properties
The sale is to generate the bail money for the release of Sahara Group chief Subrata Roy.
Subrata Roy turned up at a New Delhi stadium, best known for hosting the Commonwealth Games, last week as part of his country wide Abhaar Yatra.
About 5.5 million users are looking for real estate online in India
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