Sahara Group Proposed to Sell its 265 Acre Plot in Vasai

Sahara Group Proposed to Sell its 265 Acre Plot in Vasai

By SiliconIndia   |   Monday, August 18, 2014
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Even as Subrata Chief Roy is in converses to sell his international possessions, the Sahara Group has begun endeavors to sell its property closer home.The Sahara Group is in discussion with buyers for its 265 acre land parcel in Vasai. Sources revealed a Mumbai-based developer; Atul Project, is the leader and has offered Rs 800 crore for the 265 acre plot, which Sahara had procured a couple of years prior to the point of building a township.

Insiders whispered the deal is through; Atul Project managing director and chairman notify that his company has signed a term sheet with Sahara and is performing due diligence. Sahara’s Groups corporate communication head named Abhijit Sarkar said Atul project is only one of the prospective buyers in Mumbai. Also on the block is another 106 acre land with worth of Rs 19,000 crore in Versova. But Sebi proclaimed that the land was over rated.

However, the land parcel has not engrossed much attention as it is said that it is brimming with mangroves, mudflats and comes under the coastal regulatory zone, where the development is not allowed. Sahara Chief Roy, who has imprisoned by the Supreme Court on March 4 for deteriorating to show up, before it in connection with not returning over Rs 20,000 crore to his investors, in frantic to lift the Rs 10,000 crore the apex court set as bail.

Again the issue went back to 2008, when the Securities and Exchange Board of India opposed Sahara to offer Rs 19,000 crore to one of its real estate arms. Sahara has said it has till now hoisted Rs 3,117 crore, which it has deposited with SEBI.

The Supreme Court allowed Subrata Roy to meet prospective buyers in prison between 10 am to 6 pm, following which the tycoon has been arranged with suitors to offer his Grosvenor House in London, including three overseas luxury hotels and the New York Plaza.

Industry sources stated that the Atul Projects has signed the term sheet delineation the details of the deal and their legal counselors issued a public notice a couple of weeks ago as a part of due diligence.

Sources in his firm told Mumbai Mirror that Atul Projects plans to develop a residential township on the plot. The Mumbai based Construction group, which has been in the business since 1960 has numerous residential and commercial projects in the western suburbs.

Abhijit Sarkar, head of Sahara Group’s corporate communication said that “We are in yak with few prospective purchasers and Atul Projects is surely one of them and we will proclaim the deal when it comes through”.


 

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