Sahara Housingfina Corp shares surge nearly 9%

Shares of Sahara Housingfina Corporation surged nearly 9 per cent today after the Sahara group sold a big land parcel in Gurgaon for Rs 1,211 crore to realty firm M3M India Ltd.
Sahara Housingfina's stock soared 8.69 per cent to settle at Rs 50.05 on the BSE. During the day, it jumped 10.2 per cent to Rs 50.75.
Shares of another listed group firm Sahara One Media & Entertainment, however, fell by 0.90 per cent to Rs 94.05 at close of trade.
As it tries to raise funds for securing release of chief Subrata Roy from Tihar jail, Sahara group today sold a big land parcel in Gurgaon near here for Rs 1,211 crore to realty firm M3M India Ltd.

The group is also believed to have clinched deals for sale of two more land parcels (one in Vasai, Mumbai and another in Jodhpur, Rajasthan) for over Rs 1,250 crore, while talks are in the final stages for sale of a Pune land tract.
Announcing the Gurgaon deal, probably the biggest land transaction so far in 2014, M3M India said the 185 acres of land it bought would be used for 'mixed-use development' and has sales revenue potential of Rs 12,000 crore over the next 6-8 years.
The deal announcement comes within days of Supreme Court permitting the Sahara Group to proceed with the sale of four domestic properties, which is likely to fetch Rs 2,710 crore, in its bid to raise Rs 10,000 crore for Roy's release.