JOIN USRealty firm M3M India on Wednesday 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 Rs 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 crores; with the payment of last instalment Rs 700 plus crores 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.