Sahara sells Gurgaon land for Rs 1,211 crore

NEW DELHI: Sahara is close to meeting the Rs 10,000 crore bail condition set by the Supreme Court for release of its chief Subrata Roy and raised Rs 1,211 crore from the sale of 185-acre land on Dwarka Expressway in Gurgaon on Thursday.Stock Market Trading Tips

In one of the biggest land deals in the national capital region, Sahara sold the plot to M3M group, which was the highest bidder in the auction for the land.

Roy has been in Tihar jail for over last eight months as the firm tried to raise Rs 10,000 crore to fulfil the bail condition. The group is locked in a bitter legal battle with stock market regulator Sebi.Free Stock Share Tips

The court had allowed Sahara to sell properties in Jodhpur, Pune, Chauma in Gurgaon and Vasai near Mumbai after it was satisfied that the transactions met the conditions set in its June 4 order.

Sahara had held talks with prospective investors to mortgage and sale its marquee hotel properties in New York and London but the deal has not progressed. It has managed to raise an additional loan of about Rs 3800 crore against these properties and is awaiting the top court's approval on the issue. CMD of M3M, Basant Bansal said there were other bidders in the fray but his firm bid aggressively as a project on this land would be an attractive proposition.Intraday Trading Tips

M3M will have to pay the money in six installments in next six months. Once the entire payment is made, the land will be transferred to the company by Sahara India. "We intend to create mixed-use development consisting of branded residences, serviced apartments, multiplexes, hotels, offices, entertainment centres and other small city type developments,'' Bansal said.Jackpot Trading Tips