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Sahara Group may sell Rs 1,200 cr land to realty firm M3M: Report

M3M, which is scheduled to "announce one of the biggest acquisition in the real estate industry in recent history" on Thursday, was tight-lipped about the deal.

twitter-logo PTI   New Delhi     Last Updated: December 4, 2014  | 08:39 IST
Sahara Group Chief Subrata Roy
Sahara Group Chief Subrata Roy

Sahara Group is believed to be selling a large land parcel for over Rs 1,200 crore in the outskirts of the national capital to Gurgaon-based realty firm M3M India Ltd.

M3M, which is scheduled to "announce one of the biggest acquisition in the real estate industry in recent history" on Thursday, was tight-lipped about the deal.

Sources, however, said that it may be acquiring Sahara's land at Chauma in Gurgaon and the deal size could be over Rs 1,200 crore.

There was no official confirmation of the deal from either of the parties.

The Supreme Court on Tuesday permitted 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 the release of its jailed chief Subrato Roy.

The court allowed the group to sell properties in Jodhpur, Pune, Chauma in Gurgaon and Vasai in Mumbai after it was satisfied that the transactions were in accordance with its June 4 order.

The apex court bench was informed that the group has already generated Rs 184.5 crore as part payment for its assets in Jodhpur, Chauma and Vasai and following which, it was allowed to hand over three demand drafts and one cheque to the Securities and Exchange Board of India's counsel.

Out of the list of nine domestic properties, Sahara has already sold its Ahmedabad property and has raised Rs 411.82 crore which has gone into the account of Sebi.

Mr Roy, who was sent to jail on March 4 this year for 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 the remaining amount in bank guarantee.

Sahara, which earlier had raised Rs 3,117 crore and deposited with Sebi, has told the court that out of nine domestic assets it has now sold an Ahmedabad property and raised Rs 411.82 crore which has also gone into account of the market regulator.

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