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| Sahara Pariwar chief Subroto Roy at an event; Source: Pardaphaash.com |
Subroto Roy's Sahara Group will have to sell off many of its real estate assets in order to pay investors of the two companies Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHIC) and comply with the Supreme Court order to pay its investors, with 15% interest.
"Sahara has many real estate projects in progress across the country. For the two companies to pay off the entire amount of Rs 24,000 cr, the group may have to put up many of the real estate assets on sale," said a real estate expert requesting anonymity.
Currently, Sahara owns the Amby Valley Limited, which owns the Amby Valley city near Mumbai, valued to be close to Rs 40,500 cr. The group also owns close to 95% stake in special purpose vehicles having 64 projects in 64 cities in the entire country. The total land available is believed to be 4,400 acres.
The company also has considerable land assets in Gurgaon with a project spread over 186 acres of prime land in Delhi and Haryana bordering Gurgaon. According to real estate experts, Sahara Group intends to develop the available land as commercial space and residential apartments, including group housing, branded villas, luxury apartments, club and hotels.
Sahara owns a 33% stake in the Versova project spread over 106 acres of land near Mumbai, a 40% stake in residential projects in four cities, on land worth Rs 888 cr. It also has a 50% stake in 15 city home ventures in as many towns, worth Rs 5,192 cr.
The conglomerate also has land banks in cities like Pune, Lucknow, Ahmedabad, Gwalior and many others. According to the company, the total land bank of the group is 36,631 acres.
"A core committee meeting takes place in Mumbai at regular intervals to discuss the matter. However, there is not much clarity as to how are they arranging the funds," a senior company official told The Sunday Guardian on condition of anonymity.
Sebi has now frozen 100 bank accounts including Sahara chief Subroto Roy's account. The SC last week had pulled up Sebi for not freezing the bank accounts of SIRECL and SHIC.
The court also issued notices of contempt of court to the two Sahara companies for not furnishing the documents to Sebi and for not refunding the investors. Sahara's counsel has defended the two companies and said that they had to pay Rs 2,620 cr.
Sahara did not offer any comments at the time the story went to press.
1 comment:
The Sahara Parivar has always helped in building a image of better India with contributions in various fields,I wont believe that a organisation which has done so much for the welfare of the Nation will do any such disregardly act.
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