Sahara group puts out huge 4,700 acres of land for sale
Zee Media Group
New Delhi: Sahara Group has rolled out formalities to sell over 4,700 acres of land across India, which is expected to fetch the group around Rs 6,500 crore.
HDFC Realty and SBI Capital Markets have put Sahara's land across 14 states for sale. Sahara is one of the top real estate owners in the country, and claims that it owns around 33,633 acres of land bank.
Earlier this month, the Supreme Court released Sahara chief Subrata Roy and group director Ashok Roy Choudhary on parole for four weeks.
The court has give a go ahead to Sebi to let the group sell a part of real estate to raise Rs 5,000 crore as a bank guarantee and another Rs 5,000 crore to get bail.
The group is expecting to collect Rs 6,500 crore proceeds from the sale, but market sources say that the large portion of the land put on the block lies in agricultural and rural areas, which could impact the amount realized.