Chapter 012014
The acquisition: Sahara City, Shela
By 2014, Sahara City — a residential scheme at Shela village near Bopal, on Ahmedabad's western edge — had become a problem project. Many buyers complained that they had paid in full without receiving possession of their homes. At the same time the Sahara group was selling assets to raise funds connected to the release of its chief, Subrata Roy, under directions from the Supreme Court.
HN Safal and Goyal & Co stepped in as equal partners and bought the project for Rs 464 crore. The land measured roughly 4.21 lakh square metres — about 104 acres. As reported at the time, the buyers committed to completing homes for customers who had already booked units.
HN Safal and Goyal & Co are equal partners. We have purchased Sahara City for Rs 464 crore. As per Supreme Court directives, we have deposited the amount into Sahara's Sebi controlled bank account.Dhiren Vora · The News Minute, 2014