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

After selling land in Gurgaon for Rs 1,211 crore recently, the Sahara group is believed to have finalised two more realty deals, one in Mumbai and another in Jodhpur, for Rs 1,250 crore.

Besides, talks are in final stages for sale of another land parcel in Pune, sources said.

Similar to the Gurgaon land deal, probably the biggest so far this year in the national capital region, all the three land lots might be sold to the local real estate developers in the respective cities.

The 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 non-refund of money from investors even as the group claims to have repaid 93 per cent of the dues directly.

The group has also maintained the amount already deposited with the Securities and Exchange Board of India (Sebi) exceeds the pending dues.

In Gurgaon, Sahara has sold 185 acres to M3M India Ltd, which plans to use it 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 Sahara to proceed with the sale of four domestic properties, likely to fetch Rs 2,710 crore, in its bid to raise Rs 10,000 crore for Roy's release.

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MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

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