Sahara to sell Mumbai, Jodhpur land parcels for Rs 1,251 crore
Besides, talks are in final stages for sale of another land parcel by Sahara group in Pune
Dec 08, 2014
Source : The Economic Times

 

NEW DELHI: After selling land in Gurgaon for Rs 1,211 crore recently, Sahara group is believed to have finalised two more land parcels deals - one in Mumbai and another in Jodhpur - for over Rs 1,250 crore.

Besides, talks are in final stages for sale of another land parcel by Sahara group in Pune, sources said.

Similar to the Gurgaon land deal, which is probably the biggest so far this year in the national capital region, all the three land parcels may be sold to the local real estate developers in the respective cities.

The land sales are part of the group's efforts to raise funds to secure release of its chief Subrata Roy from Tihar Jail, where he is lodged since March 4 in a case related to alleged non-refund of money collected from investors for certain bonds even as the group claims to have repaid over 93 per cent of the outstanding amount directly to investors.

The group has also maintained that the amount already deposited with the regulator Sebi exceeds the pending dues.

In Gurgaon, Sahara has sold 185 acres of land to M3M India Ltd, which plans to use for 'mixed-use development' and would pay the group the entire money in six instalments.

The deal was announced last Thursday within days of the Supreme Court permitting the Sahara Group to proceed with the sale of four domestic properties, which is likely to fetch Rs 2,710 crore, in its bid to raise Rs 10,000 crore for Roy's release.

These four properties include land in Chauma (Gurgaon), Jodhpur, Pune and Vasai (in Mumbai).

Sources said that the Vasai land is being sold for Rs 1,111 crore, while that in Jodhpur for another Rs 140 crore.

Out of a list of nine domestic properties submitted earlier to the court, Sahara has already sold its Ahmedabad property for Rs 411.8 crore, which has gone into Sebi account.

Roy, who was sent to jail on March 4 this year in a case involving alleged non-refund of over Rs 20,000 crore with interest to depositors, was asked by the court to pay Rs 10,000 crore to get bail, of which Rs 5,000 crore should be paid in cash and rest of the amount in bank guarantee.

The group had earlier deposited Rs 3,117 crore with Sebi, followed by another amount of Rs 411.82 crore raised through sale of an Ahmedabad property.

Latest Realty News

Ashiana Housing to invest Rs 750 crore on new projects
Dec 08, 2014
NEW DELHI: Realty firm Ashiana Housing today said it will invest about Rs 750 crore in the next 3-4 years to develop four new housing projects in Haryana and Rajasthan
First of its kind degree in realty management
Dec 08, 2014
Mumbai: The RJ College of Art, Science and Commerce in Ghatkopar has become the first college in the country to offer a degree course in real estate management
NCR flat-buyers push for realty bill this session
Dec 08, 2014
NOIDA: Around 200 flat buyers of Noida, Gurgaon, Faridabad and Ghaziabad staged demonstrations at Jantar Mantar in New Delhi
UP to launch affordable housing scheme; 3 lakh houses by 2016
Dec 08, 2014
Lucknow: With an aim to provide affordable housing to medium income group in the state, Uttar Pradesh government on Saturday announced to launch 'Samajwadi Awas Yojna'
Hooda aide, 7 others booked for land fraud
Dec 06, 2014
AMBALA: Eight persons, including a former deputy principal secretary to former Haryana CM Bhupinder Singh Hooda, have been booked for allegedly getting the allotment of multiple plots sold by HUDA
Land sharks play fraud on court, judge orders a probe
Dec 06, 2014
CHENNAI: The Madras high court has asked the Tiruvannamalai police to register a case, in connection with forged property documents filed in a subordinate court by keeping the original land owner in the dark
Collectors to take action on illegal constructions in rural areas
Dec 06, 2014
MUMBAI: The district collector will be responsible for action against illegal constructions in rural areas
After mobiles, realty project launched online
Dec 06, 2014
NEW DELHI: After mobile phones and books, residential real estate project is also being launched exclusively online by realty player SalarpuriaSattva Group (SSG)
New flats of DDA go on 'sale' through online classifieds
Dec 06, 2014
NEW DELHI: Flats offered in DDA's latest housing scheme are 'available' once again, now through online classifieds
All realty projects must display grading for earthquake resistance: SC to centre
Dec 06, 2014
NEW DELHI: The Supreme Court has directed the Centre to ensure that all real estate projects launched in the country prominently display the earthquake-resistant category in which they fall

Latest Realty News Of State

Realty Talk's