One more step for the release of Subrata Roy: Sahara sells Gurgaon land to M3M, worth Rs 1,211 cr

Sahara chief Subrata Roy

It is reported that Sahara group has sold a plot near Delhi-Gurgaon border, which is worth of Rs 1,211crore and M3M India has brought it, which is Gurgaon based real-estate developer. It is considered as the one more step to raise the funds for bailing out Subrata Roy, a chairman of Sahara India, as Supreme Court allowed Sahara India to sell four properties located in Pune, Chauma, Jodhpur and Vasai. In the response of an e-mail Sahara India said, “We have presented all the relevant records in front of the honorable Supreme Court. Since it is the matter of sub-judice, we cannot comment any further on your query”.

M3M announced the sale on Thursday, but Pankaj Bansal, Director at M3M India, stated that it was not a distress sale by Sahara India. According to Pankaj Bansal, “M3M plans to build a mixed-use project on the land to build the internationally-branded residences and serviced apartments with retail and entertainment zones.

Sahara India, has been trying to sell the 185 acres, nearby IGI Airport (Indira Gandhi International Airport), from last one year. As per close officials, it had initially put a price of Rs 1,700 crore for the plot, but the deal with M3M has been closed at Rs 6.5 crore an acre. Brokers and market experts stated that, ongoing rate for an acre of land in this area is between Rs 9 crore and Rs 10 crore. In this project M3M will be able to construct on approximately 12 million sq ft. About deal M3M informed that court was about to sale, which then gave permission to close the deal, while explaining about payment arrangements, Pankaj Bansal, Director at M3M India said, “Our company has six post-dated cheques and Sahara India will get the entire money in form of installments in next six months.