Sahara to sell Mumbai, Jodhpur land parcels for Rs 1,251 cr

December 07, 2014 12:02

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.

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