Sahara sells Gurgaon land to M3M in Rs 1,200-cr deal

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The embattled Sahara group of companies has sold a 185-acre land parcel in Gurgaon to real estate company M3M India, in a deal worth Rs 1,200 crore. The transaction will be completed in six months.

M3M India, based in the National Capital Region, said a built-up area of 12 million sq ft on the land parcel could offer a business opportunity of $2 billion (Rs 12,000 crore).  The first parcel will be used for a mix of internationally branded residencies, condominiums, service apartments, multiplexes, hotels, offices, entertainment centres and other smart city developments. “We will also have international medical, educational and sports facilities,” said M3M group director Pankaj Bansal.

The announcement follows the Supreme Court nod on Tuesday, allowing Sahara to proceed with the sale of four domestic properties, which could fetch Rs 2,710 crore. This is part of Sahara’s effort to raise Rs 10,000 crore for the release of its jailed chief, Subrata Roy.

The SC permitted the group to sell properties in Jodhpur, Pune, Chauma in Gurgaon and Vasai in Mumbai, after it was satisfied that the transactions were in accordance with its June 4 order.

Sahara has already generated Rs 184.5 crore as part-payment for its assets in Jodhpur, Chauma and Vasai. After which, it was permitted to hand over three demand drafts and one cheque to counsel for the Securities and Exchange Board of India (Sebi), at whose pursuing the matter went to the apex court.  Of nine domestic properties it had told the SC it wished to divest, to clear the money, Sahara has divested its Ahmedabad property and raised Rs 412 crore, sent to Sebi’s account.

Roy was sent to jail on March 4 for the non-refund of about Rs 20,000 crore with interest to depositors. The apex court had asked Roy to pay Rs 10,000 crore to get bail, of which Rs 5,000 crore should be in cash and the rest in a bank guarantee.