Sahara Group Initiates Sale of Vast Land Holdings
Expected Proceeds: Approximately Rs 6,500 Crore
The Sahara Group, renowned for being one of India's largest real estate holders, has embarked on a significant endeavor to sell off a substantial portion of its land bank. This strategic move involves the sale of over 4,700 acres of land spread across 14 states in India.
Land Holdings and Expected Revenue
- Total Land Bank: Sahara claims ownership of approximately 33,633 acres of land across India.
- Expected Proceeds from Sale: The Group anticipates generating around Rs 6,500 crore from this sale.
Facilitating the Sale
- HDFC Realty and SBI Capital Markets have been entrusted with the responsibility of overseeing the sale of Sahara's vast land holdings.
Recent Developments
- Supreme Court Ruling: Earlier this month, Sahara's chief, Subrata Roy, and group director Ashok Roy Choudhary, were released on parole for a period of four weeks by the Supreme Court.
Market Insights
- Land Location and Value: According to market experts, a significant portion of the land up for sale is situated in agricultural and rural areas. This location aspect is expected to influence the final amount realized from the sale, potentially impacting the anticipated proceeds of Rs 6,500 crore.