Four months following the sale of 104 acre land at Ahmedabad, the Sahara Group is said to have reached an agreement to sell three of its other properties across India.
The group
is in final negotiations to sell 265 acres of land in Vasai suburb, Mumbai, to
city based Atul Projects, for approximately Rs800crore. A formal deal will be
signed upon receipt of the sale price. It has been a few years since Sahara acquired
this land to establish as a township.
The
chairman and managing director of Atul Projects, Atul Patel has revealed his
company has signed a term sheet and is conducting due diligence with Sahara. A
public notice for land title verification has been issued by the company. The construction
company has numerous commercial and residential projects in the Western
suburbs. A Sahara representative also claimed the group are in final stages of
negotiations with Atul Projects.
Aside
from the Mumbai property, Sahara have sold over 100 acres of land at Bhavnagar,
Gujarat for over Rs100crore to a Surat based developer, owner of a large mall within
the city. A further 92 acres of land owned by Sahara in Jodhpur is known to
have been sold to a leading diamond merchant in Mumbai for approximately Rs132crore.
They are also in negotiations with numerous developers interested in purchasing
the Bhavnagar and Jodhpur property. The Sahara representative explained the
deals can be termed as concluded only once the Supreme Court approves it.
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