Realty firm M3M India Ltd today said it has paid the last instalment of over Rs 700 crore to Sahara group, thereby completing the deal to acquire 185 acre of land in Gurgaon for 1,211 crore.
The Gurgaon-based developer said the last instalment was deposited in the Sahara-SEBI account on March 29.
Sahara had in December 2014 sold a big land parcel at the outskirts of the national capital for Rs 1,211 crore to M3M India to raise funds in a bid to get its chief Subrata Roy released from jail.
The Supreme Court had asked Roy to give Rs 5,000 crore and an equal amount in bank guarantee for securing bail.
“The M3M Group and Sahara land deal has come to a closure. The deal was finalised at Rs 1,211 crore; with the payment of last instalment Rs 700 plus crore in the Sahara SEBI Account, all the dues for the 185 acre plot have been cleared,” M3M said in a statement.
It has paid the entire amount of the land deal which along with the stamp duty amounts to more than Rs 1,300 crore.
“The land deal is complete now and M3M has acquired the rights of the property with the payment of the last instalment. We plan to develop a mixed use project on this land which happens to be first sectors on NPR when coming from Delhi,” said Vivek Singhal, President— Corporate Strategy, M3M India said.
The land is located along the Dwarka Expressway on the Delhi Gurgaon border and the company plans to launch project next year after getting necessary approvals.
The 185-acre land in Gurgaon, with 12 million square feet built-up area, would be used for mix-use development and has sales revenue potential of Rs 12,000 crore, M3M India had said while announcing the deal.
Delhi-NCR has witnessed many big-ticket land deals during the last one decade, including Wave Group’s 151 acres deal in Noida for about Rs 6,500 crore in 2011 making it the biggest land deal in the region.
India’s largest realty firm DLF was also involved in two high-value land transactions. It had bagged a 350-acre plot for Rs 1,750 crore in Gurgaon in 2009 and another 38 acres in the heart of Delhi for Rs 1,675 crore in 2007.
Unitech had won 340 acres in Noida through auction for Rs 1,582 crore in 2006.