The beleaguered Sahara Group has sold a 185-acre plot of land on the Dwarka-Gurgaon Expressway to Gurgaon-based developer M3M India Ltd for Rs 1,211 crore.
M3M said on Thursday that both sides had agreed to the deal two months ago, but it was subject to approval of the Supreme Court.
Asked about the original value of the plot, Sahara told HT that it has placed all relevant records before the Supreme Court, and could not give further details as the matter was sub-judice.
Sahara chief Subrata Roy has been in Tihar Jail since March this year. The court has asked the company to deposit Rs 10,000 crore towards his bail.
The company was ordered by market regulator Sebi to return Rs 24,000 crore to investors, and was recently allowed by the apex court to sell four identified domestic properties; this is expected to realise about Rs 2,710 crore. The other three properties are in Jodhpur, Pune and Vasai in Mumbai.
The apex court bench was informed that the group has already generated Rs 184.5 crore as part payment for its assets in Jodhpur, Chauma and Vasai, following which it was allowed to hand over three demand drafts and one cheque to Sebi’s counsel.
Out of a list of nine domestic properties submitted earlier to the court, Sahara has already sold its Ahmedabad property and has raised Rs 411.82 crore which has gone into the account of Sebi.
As part of Thursday’s deal, M3M has paid Rs 150 crore upfront to Sahara. The rest would be paid in installments over six months.
Bidders for the land included Piramal group, Adani group and Reliance Infra apart from M3M, sources said.
“The land has a 12 million square feet built-up area and we will come up with a high-end mixed-use development project on this land comprising of branded homes,
service apartments, offices, retail, hotels and entertainment centres. We are expecting sales revenue of Rs 12,000 crore from this project,” said Pankaj Bansal,
director, M3M India.
Bansal said the company would fund the project cost largely from internal accruals, but is also exploring tie-ups with international developers, financial institutions and private equity firms.