Sahara Group sells ‘Sahara City’ residential project to Ahmedabad-based developers Rs 464 crore
The Sahara Group has struck a Rs 464 crore sales deal with an Ahmedabad-based developers – H N Safal and Goyal & Co – for approximately 4.21 lakh square metres of land belonging to the ‘Sahara City’ residential scheme in the city.
The sale of the ‘Sahara City’ residential project in Ahmedabad is a move undertaken by the Sahara Group to arrange money for the release of Sahara India’s imprisoned chief Subrata Roy. Ever since Roy’s arrest a few months back, the Sahara Group has been exploring all possible ways to arrange the amount required for his release. The amount runs into several thousands of crores of rupees.
The ‘Sahara City’ residential project – which has now been purchased by H N Safal and Goyal & Co – was floated by the Sahara Group a few years back. The project is located at Shela village near Bopal, on the outskirts of the city of Ahmedabad.
Confirming the deal involving the sale of ‘Sahara City’ project, H N Safal’s owner Dhiren Vora said that HN Safal and Goyal & Co are equal partners; and have purchased the residential project from Sahara Group.
About the transaction of Rs 464 crore, Vora said that – in accordance with the directives of the Supreme Court – the mentioned amount has been deposited into Sahara Group’s Sebi controlled bank account.
Source – The Economic Times
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