The Sahara Group, under pressure from the Su preme Court to refund money to its investors, has raised Rs 150 crore from its controver sial 106-acre Oshiwara land parcel by tying up with Ahmedabad-based developer Safal Group.This sprawl, which is part of a larger 550-acre swathe belonging to the Byramjee Jeejeebhoy family , has long been in the eye of a storm. Environ mentalists and citizen groups have opposed construction on this land, stating it is a no-development zone which was once covered with mangroves. But the city's revised development plan (which is yet to be approved) has allowed development on this land if part of it is used for public housing.
Last month, Sahara signed a development management agreement with the BN Safal Group. An email questionnaire sent to a Sahara spokesperson on Monday remained unanswered.
Sources said Sahara has not diluted its equity in the Oshiwara project. “ As and when the land is developed, the Safal Group will be entitled to 15% of the profits after deducting all development and construction costs to be borne by Sahara,“ said the source.The valuation of the Oshiwara land will be in the region of Rs 16,000 crore if development is permitted in future.
Under the city's new development plan, a part of the Oshiwara land has been reserved for a metro rail yard, but the same portion of land is also marked for residentialcommercial development. It is learned that builders Avinash Bhosale and Vikas Oberoi have a stake in part of the 550acre sprawl. Sources told TOI that about 10 days ago, Rs 150 crore paid by Safal was electronically transferred to the Sahara-Sebi account, which is under the SC's supervision. In 2014, Sahara sold its 105-acre land in the Bopal area of Ahmedabad to Safal for Rs 550 crore. Last month, the apex court had asked Sahara Group chief Subrata Roy to deposit Rs 200 crore by November 28 while extending its interim order granting him parole in connection with the return of money to Sahara investors. Roy was sent to jail in May 2014 after he failed to comply with the court's order directing him to return investors' money (over Rs 17,600 crore with 15% interest).
Last month, Sahara signed a development management agreement with the BN Safal Group. An email questionnaire sent to a Sahara spokesperson on Monday remained unanswered.
Sources said Sahara has not diluted its equity in the Oshiwara project. “ As and when the land is developed, the Safal Group will be entitled to 15% of the profits after deducting all development and construction costs to be borne by Sahara,“ said the source.The valuation of the Oshiwara land will be in the region of Rs 16,000 crore if development is permitted in future.
Under the city's new development plan, a part of the Oshiwara land has been reserved for a metro rail yard, but the same portion of land is also marked for residentialcommercial development. It is learned that builders Avinash Bhosale and Vikas Oberoi have a stake in part of the 550acre sprawl. Sources told TOI that about 10 days ago, Rs 150 crore paid by Safal was electronically transferred to the Sahara-Sebi account, which is under the SC's supervision. In 2014, Sahara sold its 105-acre land in the Bopal area of Ahmedabad to Safal for Rs 550 crore. Last month, the apex court had asked Sahara Group chief Subrata Roy to deposit Rs 200 crore by November 28 while extending its interim order granting him parole in connection with the return of money to Sahara investors. Roy was sent to jail in May 2014 after he failed to comply with the court's order directing him to return investors' money (over Rs 17,600 crore with 15% interest).
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