Realtor seeks SC permission to buy Sahara property in Gorakhpur

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New Delhi | Updated: July 3, 2015 1:20:11 AM

In a new development involving a Sahara property, a real estate firm on Thursday moved the Supreme Court seeking permission...

In a new development involving a Sahara property, a real estate firm on Thursday moved the Supreme Court seeking permission to buy 45.71 acre of land in Gorakhpur, UP, in the larger interests of the Sahara Group’s investors.

Wanting impleadment in the case, Gorakhpur Real Estate Developers Pvt Ltd has drawn the apex court’s attention to the alleged fraud played by Saharas, saying the group has misrepresented by seeking permission to sell the property situated at Gorakhpur for Rs 64 crore, a price lower than 5% of the estimated value.

The builder, in its application filed through counsel Kamini Jaiswal, stated that the fact is that even by the conservative calculation, the price of the land as per the present circle rate will be around Rs 194.25 crore excluding stamp duty, taxes, etc.

The real estate company said that it has made sufficient enquiry and after being satisfied about the prevailing circle rates and market value and in the better interest of investors, it is ready and willing to purchase the parcel of land for Rs 110 crore. It further said that it is ready to submit 10% as a security deposit after the SC passes appropriate direction in this regard.

According to the company, the Gorakhpur property was not among the list of nine domestic properties allowed to sold by the apex court in June last year.

Last month, the Supreme Court Bench headed by Justice TS Thakur had set tougher terms for the group to secure the release of its jailed chief Subrata Roy, saying the firm must repay the entire Rs 36,000 crore, including interest, it owes to the investors within the next 18 months in nine installments. And if Sahara failed to deposit three installments Roy and others will have to go back to prison again. In another stringent condition, Roy, on release from jail, would not be allowed to travel abroad and must mark his presence at Tilak Marg police station in central Delhi once every fortnight.

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