Sahara
claims it has a total land bank of 33,633 acres. Of this, Aamby Valley City
near Lonavala accounts for 10,600 acres. About 1,000 acres is spread across
towns and cities of Uttar Pradesh
MUMBAI: In perhaps the biggest pan-India
sale of land, over 4,700 acres held by the Sahara Group across 14 states have
been put on the block by HDFC Realty and SBI Capital Markets.
The sale is expected to fetch around Rs
6,500 crore.
Sahara claims it has a total land bank
of 33,633 acres. Of this, Aamby Valley City near Lonavala accounts for 10,600
acres. About 1,000 acres is spread across towns and cities of Uttar Pradesh
(the company is headquartered in Lucknow).
Early this month, the Supreme Court
released Sahara chief Subrata Roy and group director Ashok Roy Choudhary on
parole for four weeks. Roy has been in Tihar jail since March 2014 after Sebi
dragged the group to court. The court said Sahara could sell its properties to
raise Rs 5,000 crore as a bank guarantee and another Rs 5,000 crore to get
bail.
Market regulator Securities and Exchange
Board of India (Sebi) has given HDFC Realty and SBI Capital Markets the mandate
to auction 60 properties across the country following a directive from the
Supreme Court.
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