Prime land in Ahmedabad sold by Sahara group
104 acre land near Shela village on the outskirts of Ahmedabad, has been sold off by Sahara Group to HN Safal Group at a throwaway price of Rs 600 crore. Initially Sahara had planned to build an Rs 450 crore township of 4,000 homes on the property located on outer SP Ring Road.
The deal has been made at around Rs 12,000 per sq yard as against the existing market rates of close to Rs 30,000 per sq yard which is almost half the price of its current market price, as Sahara is in a hurry to sell off its properties to secure bail for its chief Subrata Roy as per the sources.
Officials of HN Safal refused to comment on the deal, when contacted. A source told that presently HN Safal is not planning to build anything on that land; it only bought it because it was available at a cheap price.
The group had announced a township called Sahara City Homes on this land, before the troubled times began for Sahara. Way back in 2003-04 when it was first announced, several investors had booked houses in the proposed township. At that time, the company had promised possession by 2007 but it did not deliver.
to secure bail for Roy, who was arrested in Lucknow in connection with the contempt case arising out of two of his companies failing to refund Rs 20,000 crore to investors ,on February 28 and sent to judicial custody on March 4, the Supreme Court set the condition that the Sahara Group make a security deposit of Rs 10,000 crore.
Source: Times of India
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