Tag Archives: Sahara Prime City

Supreme Court asks Sahara Group to refund Rs. 17,400 crore to investors

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Sahara Prime City, Kochi real estate newsThe Sahara Group will have to refund Rs. 17,400 crore to retail investors raised in 2008-09, the Supreme Court has ruled. The apex court had upheld the Securities Appellate Tribunal (SAT) order directing two Sahara companies to refund this amount. Former Supreme Court Judge BN Agarwal will monitor the refund to investors, the court said.

The court has ruled that the amount collected will have to be deposited in a nationalized bank with 15 per cent interest. Sebi will check the genuineness of the investors and if the investors are not traceable the amount will go to the government. If Sahara doesn’t furnish the documents it will be treated as non-compliance, the court ruled.

The court further said that in case of non-compliance Sebi can attach and sell properties of the Sahara Group.

This is a major setback for the Sahara Group, which had raised this amount from 23 million investors through two of its companies – Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation Ltd) and Sahara Housing Investment Corporation. The amount was raised through Optionally Fully Convertible Debentures (OFCD), which are debentures which investors can convert into shares at their option.

The case dates back to June 2011 when market regulator Securities and Exchange Board of India or Sebi had ordered Sahara to stop raising money through OFCDs. The Sahara Group had then moved to the Securities Appellate Tribunal, which had upheld Sebi’s order in October saying the company must refund the money raised through OFCDs to investors within six weeks.

The Sahara Group then moved the Supreme Court, which had stayed SAT’s decision in November.

Sahara buys controlling stake in New York’s Plaza Hotel

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Sahara Prime City, Kochi real estate newsSahara Group has agreed buy a controlling stake in the city’s iconic Plaza Hotel for USD 570 million from the Israeli-owned real estate company Elad Properties.

Israeli businessman Yitzhak Tshuva, who controls the Elad Group, has sold his 60 percent stake in the Plaza Hotel, a report in the Israeli daily newspaper Haaretz said.

The Elad Group, which is Tshuva’s private real estate arm in North America, signed the deal on Monday to sell its share in the hotel and commercial center to Subroto Roy-led Sahara Group for USD 570 million, it added.

Tshuva had bought the 105-year-old Plaza in 2004 from a group of investors headed by Saudi prince Alwaleed bin Talal for USD 675 million, the newspaper said.

He invested a total of a billion dollars in the renovation of the Plaza, which has 182 luxury apartments, a hotel, condominiums and commercial space.

Elad would see a free cash flow of USD 220 million from the deal, which will help it pay off the more than USD 500 million it owes to bondholders in Israel as well as allowing it to make new investments.

The hotel, which overlooks New York’s Central Park, is jointly owned by Elad Properties and Saudi-based Kingdom Holdings.

Elad would receive 1.6 billion shekels for its 60 percent stake, while Kingdom will receive the rest.

Kingdom, the investment vehicle owned by Talal, will hold a 25 percent stake in the hotel once the deal is complete.

Udi Erez, the chief executive of the Elad Group and the chairman of Elad Canada, had said in an interview to the New York Times early last month that the group was close to sealing a deal with Sahara for the Plaza Hotel.

He had said the deal will be valued at about USD 575 million dollars.

Erez had said it was his recommendation to sell Elad’s stake in the Plaza since the return on investment for the hotel and the condo hotel was low.

“It’s fine to sit on a property like that. And I’m sure it’s going only one way ? up ? because of the hotel, the location, the name and the history. But still for me we’re going to have more than USD 200 million net cash flow from this deal. We can use that money in this economy,” he had said in the interview.

Sahara makes hard-to-believe claim of launching 68 projects

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Sahara Prime City, Kochi real estate newsSahara Infrastructure and Housing, of late being in the news for market regulator Securities and Exchange Board of India’s (SEBI) rap for  mopping up Rs 17,400 crore through debentures and delayed project completion has now announced another 68 projects within FY 2012 – 13 across India. A statement issued by Sahara claims to introduce 10 lifestyle township projects, of which 9 will be self sufficient integrated townships under the brand name of ‘Sahara City Homes’ and 1 under the brand name of ‘Sahara Grace’.

Out of remaining 58 projects CMD of the Sahara Group, Subrata Roy Sahara announced to have 21 township projects and 37 projects in the  affordable housing segment. With this, Sahara claims to be entering the Affordable Housing Segment under a new brand name promises to address the demand-supply gap in the mass housing segment. This new brand will make housing affordable to people by offering residential units in the price range of Rs. 5-15 lacs, across 350+ cities of India.

Subrata Roy Sahara said in the statement, “India has always been an attraction to the world for its magnificent architecture and vibrant lifestyle. While the magnificence of the ancient marvels of architecture stand tall for the world to see, the standard of living space across the nation has failed to match the change of time and the world standards, primarily due to lack of adequate up-gradation of support infrastructure; load of population and fractured & sporadic planning. It is my earnest desire to provide a lifestyle to the citizens of our beloved nation which matches the world’s best standards. We have vowed to develop comprehensive real estate projects offering quality lifestyle to people across the board covering not just Tier I cities but also Tier II, III and even small  towns, in congruence to the scales of income of people.”

He further claimed, “In our endeavour, we have witnessed many ups and downs in the industry and faced many challenges, many due to the magnitude of our vision; but I am happy that we have proved at all steps that our mission is undeterred. These 10 townships along with the ongoing 8 township projects and forthcoming 58 projects to be added in January 2013, enforce our commitment and I am sure that these projects will be the jewels of quality lifestyle”.

Spread on a total area of 900 acres, the 10 projects will offer 25 thousand residential units along with a world class range of amenities and facilities. The Project Management of these 10 projects will be done by Sahara Turner Constructions Limited. The possessions of residential units is planned to start in 2.5 years with project completion in 5 years.

Out of the 10 projects, the 9 ‘Sahara City Homes’ integrated townships are coming up in the cities of Pune, Aurangabad, Jodhpur, Gwalior, Bareilly, Solapur, Porbandar, Katni, Kashipur while 1 ‘Sahara Grace’ brand of premium residential apartment cluster is coming up in Cuttak – Bhubaneshwar. These 10 cities will span across 7 States of India. ‘Sahara City Homes’ integrated townships are currently being developed in 7 cities (Lucknow, Jaipur, Indore, Nagpur, Ahmedabad, Satna and Coimbatore). Sahara Grace brand of residential apartment clusters has been a major success in Gurgaon and Lucknow where it has been completed and sold out. ‘Sahara Grace’ project is ongoing in Kochi and has now been introduced to twin city of Cuttak – Bhubaneswar.

Sahara Prime City launches residential complex at Kochi

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india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India Property, Sahara Prime City, Kochi real estate newsSahara Prime City, the real estate company of Sahara India, has launched Phase II of its Sahara Grace brand of residential complex at Kochi.

In line with Sahara Grace at Gurgaon and Lucknow, the Sahara Grace at Kochi is the third project under this brand of premium luxury housing.

Spread over 14.72 acres of prime location on Seaport – Airport road at Kakkanad, Sahara Grace aims to provide an exquisite combination of aesthetics and functionality by offering a product mix of apartments and penthouses along with numerous value-added facilities as well as amenities to its residents.

With a total built up area of approximately 19.72 lakh sq. ft. of residential area, the project comprises of a mix of 2-4 bed room apartments, three & four bed room duplex apartments and penthouses.

The phase II of the project is three 24-storied towers having a total built up area of 5.18 lakh sq. ft. As a safety measure for protection of life and property from earthquake, construction at Sahara Grace, Kochi is designed at 1 level higher than the applicable seismic zone according to the specifications of the Bureau of Indian Standards.