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

New Delhi: After selling land in Gurgaon for Rs 1,211 crore recently, Sahara group is believed to have finalised two more land parcels deals - one in Mumbai and another in Jodhpur - for over Rs 1,250 crore. Besides, talks are in final stages for sale of another land parcel by Sahara group in Pune, sources said.

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

The land 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 alleged non-refund of money collected from investors for certain bonds even as the group claims to have repaid over 93 per cent of the outstanding amount directly to investors.

The group has also maintained that the amount already deposited with the regulator Sebi exceeds the pending dues. In Gurgaon, Sahara has sold 185 acres of land to M3M India Ltd, which plans to use 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 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 Roy's release. These four properties include land in Chauma (Gurgaon), Jodhpur, Pune and Vasai (in Mumbai).

Sources said that the Vasai land is being sold for Rs 1,111 crore, while that in Jodhpur for another Rs 140 crore. Out of a list of nine domestic properties submitted earlier to the court, Sahara has already sold its Ahmedabad property for Rs 411.8 crore, which has gone into Sebi account.

Roy, who was sent to jail on March 4 this year in a case involving alleged 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 rest of the amount in bank guarantee.

The group had earlier deposited Rs 3,117 crore with Sebi, followed by another amount of Rs 411.82 crore raised through sale of an Ahmedabad property.