With the plan to construct a commercial and hotel project in Bangalore, Sahara has bought a plot here at a price of Rs.149 Cr.
BANGALORE: Even when the group is stepping on hot live-coals spread by the Securities and Exchange Board of India, and the order of Supreme Court, Sahara has no change, no fear.
Sahara is determined to go ahead through the live-coals bravely. However, as the verdict has not yet come, we cannot blame them for any reason. The pro and cons arguments are placed everyday by both SEBI and Sahara. And the battle is going on.
Despite all these issues, Sahara hits the headlines by acquiring a piece of land in Bangalore. The deal is said to be fixed at a price worth Rs.149 Cr.
As per a recent Economic Times report, Sahara has bought nearly 25 acres of land in Whitefield. The group plans to construct either a commercial project or a hotel project.
The plot belonged to Asset Reconstruction Company of India (ARCIL) which acquired it under the SARFAESI Act. The Act permits the banks and other financial institutions to auction off properties if the debt payments by the owner are defaulted.
As the original owner BPL Company had defaulted debt payments, the property was placed in auction. It was then ARCIL acquired the property.
Sahara Group is reported to own a huge land bank across India. As per the records the group owns almost 27000 acres of land. It has recently sold out various projects in Bangalore and Chennai. Some projects in Mohali also have been sold out recently.
However due to the attachment of properties by the market regulator, the group may not be able to complete their under-construction projects. Aamby Valley project is one of their major halted projects.
Besides Aamby Valley, some other top end project in Delhi and Gurgaon also will be affected by the attachment. Despite the attachment, the group seems interested in increasing their land banks. They might be hoping that they will one day complete all these projects after settling all issues with SEBI.