The buyer is Sai Rydan Realtors, a Nalla Sopara-based developer, who bought the land in partnership with diamond merchant Bharat Shah's Prime Downtown Estates.
The land transaction is probably the biggest one in Mumbai's extended suburbs.
''We signed an agreement of sale on November 5,'' said Prashant Karulkar, the authorized representative of Sai Rydan. He told TOI on Friday that they planned to set up a residential township. The developer could avail of around one crore square feet of built up area, he added.
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Asked for a comment, a Sahara spokesperson said, ''We have placed all the relevant records in front of the supreme court. Since the matter is sub judice, we cannot comment any further on your query.''
Karulkar said the land is currently designated for agriculture use, but they would apply to convert it for ''non-agriculture'' use. Current property prices in Vasai are in the range of Rs 4,000 to Rs 5,000 a sq ft. The land is located in Vasai (east), about 1.5 km from the railway station. It falls in two villages, Gokhivare and Rajivali. Sahara had accumulated this sprawl over many years and had once planned to build a township here.
However, its recent trouble with Sebi and the on-going case in the apex court has forced the group to put several of its properties on the block. Roy was sent to jail on March 4 for failing to refund Rs 20,000 crore with interest to depositors. The court had directed him to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore was to be in cash and rest of the amount in bank guarantee. Sahara has so far raised Rs 3,117 crore, which has been deposited with Sebi.
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Since the past few months, Sahara has been trying to sell its luxury hotels including Grosvenor House in London and the Plaza in New York. However, it is yet to find a buyer. The supreme court had earlier permitted Roy to use an office, phone, internet connection and personal staff within the jail to negotiate the hotel sales.
Another 106-acre plot owned by Sahara in the western suburb of Versova was valued by global property consultant Knight Frank at Rs 19,300 crore. But environmentalists and local residents protested and complained that this plot has no development potential because it falls under the stringent coastal regulation zone (CRZ) I. The plot has mangroves, mudflats and a creek.
Following objections from Sebi, Sahara replaced the Versova plot with other land parcels.
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