Release one step closer for Subrata Roy: Sahara sells Gurgaon land worth Rs 1,211 cr to M3M

NEW DELHI: Cash-strapped Sahara group has sold a prime plot near Delhi-Gurgaon border to Gurgaonbased developer M3M India for Rs 1,211 crore as part of efforts to raise funds for bailing out its chairman Subrata Roy. M3M announced the sale on Thursday, a day after the Supreme Court allowed Sahara to sell four properties located in Vasai and Pune, Jodhpur and Chauma.

Sahara has been trying to sell the 185 acres, close to the Indira Gandhi International Airport, for the past year. According to people close to the development, it had initially put a price of Rs 1,700 crore for the plot. Although the deal with M3M has been inked atRs 6.5 crore an acre, brokers and market experts say the ongoing rate for an acre of land in this area is betweenRs 9 crore and Rs 10 crore.

But Pankaj Bansal, director at M3M India, said this was not a distress sale by Sahara. According to Bansal, the company plans to build a mixed-use project on the land, which will have internationally-branded residences, serviced apartments as well as retail and entertainment zones.

The company will be able to construct on approximately 12 million sq ft of this land. In response to an email questionnaire, Sahara said, “We have placed all the relevant records in front of the honourable Supreme Court. Since the matter is sub-judice, we cannot comment any further on your query”.

The group had informed the court about the sale, which then gave permission to close the deal. Explaining the payment arrangements, Bansal said the company has given six post-dated cheques and Sahara will get the entire money in the next six months in instalments.