Sahara Group Residential Project Sold to Ahmedabad-based Firm

In a bid to arrange money for imprisoned Sahara India chief Subrata Roy's release, the group has sold approximately 4.21 lakh square metres of land belonging to its residential scheme 'Sahara City' in Ahmedabad to city-based developers for a sum of Rs 464 crore.

"H N Safal and Goyal & Co are equal partners. We have purchased Sahara City (project here) for Rs 464 crore. As per Supreme Court directives, we have deposited the amount into Sahara's Sebi-controlled bank account," H N Safal's owner, Dhiren Vora, said.

Sahara Group had floated the 'Sahara City' residential scheme at Shela village near Bopal on city outskirts a few years ago.

However, many of its customers recently had complained that Sahara did not fulfill its promise of giving possession of homes even after they paid the full amount.

After Mr Roy's arrest a few months ago, Sahara has been exploring ways to arrange the amount which runs into several thousands of crores of rupees for his release.

"We will build homes for those who have already booked their homes in Sahara City," Mr Vora added.

However, Sahara group could not be reached for comments as telephones of its corporate communication team were switched off.