Sahara Group has recently bought a land parcel in Bangalore. The deal was fixed at price worth Rs.149 Cr, said sources with direct knowledge.
Even when they are daily tortured by the SEBI, the Sahara group thinks of only expansion. The group seems least worried about their attached properties and the huge number of cases against them.
Adding to their troubles, recently SEBI has requested the Supreme Court to hear all cases against the Sahara firms and its chief Roy.
The cases will move in one side. The plans of expansion cannot be postponed in any way. A good businessman expands when he sees that the market is the best for him to expand. This is what Sahara is doing.
By gaining nearly 25 acres of land from Asset Reconstruction Company of India, Sahara has proved that they are not worried over any cases.
Earlier the land was owned by BPL. However once the firm defaulted their loan payment, the land was auctioned off by the financial institutions and banks. The land was placed in the auction under the SARFAESI Act.
ARCIL acquired the land parcel when it was auctioned.
The land is located in Whitefield. The land may soon be turned to be a commercial project, said sources with direct knowledge. Sahara Group also has plans to develop a hotel project in the land.
Currently Sahara Group is one of the largest land bank holders. The group owns over 27000 acres of land across India.
The group has sold some of its projects in Mohali and Chennai. Some Bangalore projects are also included among the sold projects.
Due to SEBI’s attachment order, many of their projects are halted. The case is still in the Court. The group will be able to complete their projects only after the case gets over.
