Sahara lands to be auctioned to fetch Rs 6500 crores
Mumbai: The SBI Capital Markets and HDFC have started to sell over 4,700 acres of land held by Sahara group across India to fetch around Rs 6,500 crores.
- Sahara claims it has a total land bank of 33,633 acres.
- The Aamby Valley City near Lonavala accounts for 10,600 acres.
- About 1,000 acres is spread across towns and cities of Uttar Pradesh.
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.
- The auctioneers are hopeful of receiving over Rs 6,500 crore from the 60 properties.
Properties in UP and Gujarat
The beleaguered Sahara group has properties in places like Ujjain and Indore in Madhya Pradesh, Ajmer in Rajasthan, Aligarh, Bahraich, Bareilly, Muzaffarnagar, Lucknow, Noida in UP, Guwahati in Assam, Salem in Tamil Nadu, and Porbander and Baroda in Gujarat.