Subroto Roy’s Sahara Group is the front runner for buying Parsvnath’s land in Delhi, sources with direct involvement said. Sahara has offered to pay Rs 600 cr for the 1.8 acre prime commercial land near Cannaught Place. Sources indicate that Parsvnath Developers are expecting Rs 700 crores for the property and are in negotiations with the Sahara Group.
The bid process and the due diligence for the land sale is complete and sources say that the two parties, Parsvnath Developers and Sahara may soon come to a conclusion. Delhi-based steel company Bhushan Steel is also in the fray for buying Parsvnath Developers’ land along with some local builders in the NCR who had ahown interest in the deal. ICICI Bank which was earlier interested in the land buy has backed out from the deal, sources said.
Parsvnath Developers’ land near Cannaught Place has a built-up area of 1.5 lakh sq ft with 300 car parking. The company has close to Rs 1200 crores of debt and intends to use the land sale proceeds to repay a pert of the debt. The company did not comment on the land sale development. Sahara Group also offered no comment on the deal.