New Delhi: The troubled Sahara group has sold 185 acres of land in Gurgaon for Rs1,211 crore to realty firm M3M India. Sahara has been struggling to raise money to secure bail for its promoter Subrata Roy. Recently, the Supreme Court had allowed the company to sell four of its domestic properties to raise money. Besides this land, the court has allowed Sahara to sell properties in Jodhpur, Pune and Vasai.
An agency report said that Sahara is believed to have clinched deals for sale of two more land parcels (one in Vasai, Mumbai and another in Jodhpur, Rajasthan) for over Rs1,250 crore, while talks are in the final stages for sale of a Pune land tract. “The sources of funds would largely be internal accurals and we are also looking at some co-investments,” said Pankaj Bansal, director M3M.
He said that this “project will fetch sales revenue of Rs12,000 crore, with a total build up area of 12 million sq. ft. “We will come up with a high-end mixed-use development project on this land,” he said.
