Sahara Prime IPO after mkt improves for real estate: Roy

Sahara India Group will wait for market conditions to turn favourable for the real estate sector before taking its realty arm public, Chairman Subrata Roy said today.

Sahara's real estate company, Sahara Prime City (SPCL), has been mulling an Initial Public Offer (IPO) to raise funds from the capital market for quite some time now.

The company had filed a DRHP with market regulator Sebi last October but did not go ahead with the IPO due to the bearish conditions.

"The market is not good for real estate sector at this moment. So we are not taking much interest in this (proposed IPO)," Roy told PTI on the sidelines of an event here.

"Moreover, if you get permission (from Sebi), then you get limited time to hit the market," Roy said.

SPCL owns and operates Sahara Hospital through its wholly-owned subsidiary and operates the Sahara Star hotel in Mumbai through another subsidiary.

Besides Sahara, other real estate developers such as Lodha Developers, Ambiance, Supertech and Emaar MGF also have plans to come out with public issues and are waiting for the opportune time.