Sahara Group sells land to acquire money for Subrata Roy release

December 8, 2014 Nitish shaw Business, India 1

Recently, the Sahara Group has sold a land in Gurgaon at a price of Rs 1,211 crore. It is believed that the Sahara Group is again going to sell other lands, one in Mumbai and another one in Jodhpur.

Sahara Group sells land

The prices of these lands are expected to be Rs 1,250 crore. Besides, another deal is going on for selling a land in Pune also.

The Gurgaon land deal is supposed to be the biggest land deal in the national capital region in this year. All the other land parcels are going to be sold to the real estate developers according to reliable sources.

It is assumed that the lands are sold out by the Sahara Group just to release its chief Subrata Roy from the Tihar Jail. Subrata Roy is detained in the Tihar Jail since May 4, 2014 for non-refunding the money that were collected from the investors for certain amount of bonds.

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But the Sahara Group is claiming that they have already refunded around 93% of the money of the investors directly.

Sahara Group also claimed that they have already deposited to Securities and Exchange Board of India (SEBI) that has already exceeded the pending amount.

Sahara has sold around 185 acres of land in Gurgaon to the M3M India Limited.M3M plans to utilize it for ‘’mixed-use development’’. They would be paying the price of this land in six instalments.

The above said deals were announced on last Thursday when the Supreme Court of India gave permission to the Sahara Group to sell their private properties to release Mr. Subrata Roy.

The projects are likely to fetch Rs 2,710 crores to release the Chief of Sahara Group.

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About Nitish shaw 238 Articles
An aspiring novelist and a random blogger, Nitish is also a porky-mouthed banter specialist when it comes to football (soccer), films, TV Series, History and socio-economic issues. He travels, indulges in music and plays outdoor sports to get his creative juices flowing. “There’s the scarlet thread of murder running through the colorless skein of life, and our duty is to unravel it, and isolate it, and expose every inch of it.”- Quote this, and you will be his favorite person for at least as long as the two of you can hold up the conversation.