Sahara Group has acquired a land parcel in Bangalore for ₹149 Crore, with plans to develop a commercial or hotel project, despite ongoing regulatory challenges with the Securities and Exchange Board of India (SEBI) and Supreme Court orders.
Even with the group currently facing scrutiny from the Securities and Exchange Board of India and a Supreme Court order, Sahara Group demonstrates resilience.
Sahara has bought land in Bangalore for Rs.149 Cr.
Sahara Group is showing determination in the face of adversity. As the final judgment is pending, passing definitive judgment would be premature. Both SEBI and Sahara are presenting their arguments, making it an ongoing legal process.
Amidst these challenges, Sahara Group made headlines through this acquisition of land in Bangalore, with the deal valued at ₹149 Crore.
According to a recent report by the Economic Times, Sahara Group acquired nearly 25 acres of land situated in Whitefield. The group is considering development options of either commercial spaces or a hotel on the acquired land.
Will construction take place in the land, obtained by Sahara for Rs.149 Cr.
The land previously belonged to Asset Reconstruction Company of India (ARCIL), after it was acquired under the SARFAESI Act. This act allows banks and financial institutions to auction properties when owners default on debt payments.
BPL Company, the original owner, defaulted on its debt obligations, leading to the property being auctioned, where ARCIL subsequently took ownership.
Sahara Group reportedly possesses a substantial land portfolio throughout India, with approximately 27,000 acres. Recently, the group divested some projects in Bangalore, Chennai and Mohali.
However, the attachment of properties by the market regulator could potentially hinder the completion of ongoing projects, Aamby Valley project being one of the affected projects.
Besides Aamby Valley, other significant projects in Delhi and Gurgaon may experience repercussions due to the attachment. Despite these challenges, the group is apparently keen on expanding its land holdings, with an expectation of resolving the issues with SEBI in order to resume development on these projects.