New Delhi: HDFC Realty and SBI Capital Markets have put on sale more than 4,700 acres owned by the Sahara Group in India. The sale is expected to fetch around Rs 6,500 crore. The land put up for sale stretches through 14 states of the country, from Amritsar to Madhurai.
Property experts say that this might be the biggest one-time pan-India sale of land so far. The Securities and Exchange Board of India had given the two banking ventures the authority to auction 60 properties across the country following a Supreme Court order.
Sahara claims to own a land bank of 33,633 acres, of which Aamby Valley City near Lonavala makes up 10,600 acres. The company, with its headquarters in Lucknow, has plots covering 1,000 acres across Uttar Pradesh in Aligarh, Bahraich, Bareilly, Muzaffarnagar, Lucknow and Noida. It also owns properties in places like Ujjain and Indore in Madhya Pradesh, Ajmer in Rajasthan, Guwahati in Assam, Salem in Tamil Nadu, and Porbander and Baroda in Gujarat.
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.