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Realty firm M3M Completes Rs 1,211-Crore deal with Sahara

Sahara had in December 2014 sold a big land parcel at the outskirts of the national capital for Rs 1,211 crore to M3M India to raise funds in a bid to get its chief Subrata Roy released from jail.

Sahara had in December 2014 bought a huge land parcel at the outskirts of the countrywide capital for Rs 1,211 crore to M3M India to raise finances in a bid to get its leader Subrata Roy launched from jail.
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New Delhi: Realty firm M3M India Ltd on Wednesday stated it has paid the final instalment of over Rs seven hundred crore to Sahara organization, thereby finishing the deal to collect 185 acres of land in Gurgaon for Rs 1,211 crore.

The Gurgaon-primarily based developer stated the closing instalment changed into deposited in theSahara-Sebi account on March 29.

Sahara had in December 2014 bought a massive land parcel at the outskirts of the country wide capital for Rs 1,211 crore to M3M India to elevate funds in a bid to get its chief Subrata Roy launched from jail.

The perfect courtroom had asked Roy to give Rs 5,000 crore and an same quantity in financial institution guarantee for securing bail.

“The M3M institution and Sahara land deal has come to a closure. The deal changed into finalised at Rs 1,211 crores; with the price of ultimate instalment Rs 700 plus crores within the Sahara SEBI Account, all the dues for the 185 acre plot had been cleared,” M3M said in a announcement.

It has paid the whole amount of the land deal which together with the stamp responsibility amounts tomore than Rs 1,three hundred crore.

“The land deal is entire now and M3M has obtained the rights of the property with the fee of the closinginstalment. We plan to expand a combined use challenge on this land which happens to be first sectors on NPR whilst coming from Delhi,” said Vivek Singhal, president- company strategy, M3M India.

The land is placed alongside the Dwarka limited-access highway on the Delhi Gurgaon border and theenterprise plans to launch venture subsequent year after getting essential approvals.

The 185-acre land in Gurgaon, with 12 million square toes constructed-up vicinity, might be used for mix-use improvement and has sales revenue capacity of Rs 12,000 crore, M3M India had stated at the same time as pronouncing the deal.

Delhi-NCR has witnessed many largeticket land offers during final one decade, along with Waveorganization‘s 151 acres deal in Noida for approximately Rs 6,500 crore in 2011 making it the most important land deal within the place.

India’s largest realty firm DLF changed into additionally concerned in two excessivefee land transactions. It had bagged a 350-acre plot for Rs 1,750 crore in Gurgaon in 2009 and any other 38 acresinside the heart of Delhi for Rs 1,675 crore in 2007.

Unitech had gained 340 acres in Noida through public sale for Rs 1,582 crore in 2006.
story first published on: April 13, 2016 17:15 (IST)

Tags: M3M India Ltd, Sahara group, Subrata Roy, Sebi-Sahara case, Sahara homes