Sahara hands Sebi two land ownership papers
21 Nov 2013 4:42 AM IST
The Sahara group has submitted original documents of two land parcels in and around Mumbai to market regulator Sebi as part of a Supreme Court order to provide collateral to settle a long-drawn case of returning Rs 20,500 crore of investors money.
Sources close to the development said that one of the two land parcels is a 106-acre land in Versova, a western suburb, worth nearly Rs 19,300 crore at current market prices. The other is a 200-acre land parcel in Vasai, which is worth about Rs 1,200 crore.
‘Together, they add up to Rs 20,500 crore, the amount that the Supreme Court had asked Sahara to deposit with Sebi,’ one source said. This puts to rest speculation on which properties the Lucknow-based group would hand over as security. A Sahara group spokesperson declined to comment on the development. According to sources, the valuation for the Versova land parcel was done by global real estate consultancy major Knight Frank. It has a floorspace index (FSI) of 1.5.
If this land is converted to saleable space, it would translate to about 1 crore square feet. The valuation for the Vasai land parcel has been done by an Indian firm.
The Sahara group handed over the title deeds and other relevant documents to Sebi on November 14, a source said. The court is set to take up the case for hearing again on Wednesday.
‘In terms of value, these two Mumbai properties were enough to cover Rs 20,500 crore worth of security that the court had asked the group to arrange,’ one of the sources said. The case dates back to 2008 when Sahara filed for an initial public offering (IPO) for one of its real estate arms.
Sources close to the development said that one of the two land parcels is a 106-acre land in Versova, a western suburb, worth nearly Rs 19,300 crore at current market prices. The other is a 200-acre land parcel in Vasai, which is worth about Rs 1,200 crore.
‘Together, they add up to Rs 20,500 crore, the amount that the Supreme Court had asked Sahara to deposit with Sebi,’ one source said. This puts to rest speculation on which properties the Lucknow-based group would hand over as security. A Sahara group spokesperson declined to comment on the development. According to sources, the valuation for the Versova land parcel was done by global real estate consultancy major Knight Frank. It has a floorspace index (FSI) of 1.5.
If this land is converted to saleable space, it would translate to about 1 crore square feet. The valuation for the Vasai land parcel has been done by an Indian firm.
The Sahara group handed over the title deeds and other relevant documents to Sebi on November 14, a source said. The court is set to take up the case for hearing again on Wednesday.
‘In terms of value, these two Mumbai properties were enough to cover Rs 20,500 crore worth of security that the court had asked the group to arrange,’ one of the sources said. The case dates back to 2008 when Sahara filed for an initial public offering (IPO) for one of its real estate arms.
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