Sahara plans IPO, launches housing project in Lucknow

Sahara Infrastructure and Housing (SIH), the real estate company of Sahara India Parivar, is planning to go public and get listed on the stock exchange in the next two years.

"We want to go public and are preparing for it," said Sushanto Roy, head, SIH, during the launch of Sahara City Homes townships in Lucknow.

Spread on an area of 200 acres in Lucknow, Sahara City Homes Lucknow is one of the biggest real estate projects of the city with 5,255 residential units.

The estimated worth of Lucknow township is Rs 2,000 crore. The township is the first one from "Sahara City Homes" townships which SIH will be developing in 217 cities across India.

"According to our records, we are the largest land owners in the country with total land acquisition of around 20,000 acres across India," said Roy.

He said SIH has planned these townships on over 100 acres in 217 cities across the country. The land acquisition process is in progress with acquisition being complete in 8-10 cities, and partly completed in 30-40 cities. The construction at these Homes is in full swing and the possession of property will begin in 2009 for Lucknow City Homes. A total of 30 blocks are under construction. These 30 blocks will house 1,620 residential units.

Roy said, "We use our own resources to acquire land. Once this is done, we book our proposed townships. Once 5 per cent is booked and we have all the required sanctions in place, then we ask for 15 per cent of the said amount."

The aim of these townships is to provide an exclusive living environment, whether through facilities at par with international standards or by presenting the experience of a unique lifestyle.

As for the Sahara City Homes, Indore and Nagpur are the next destination for the launch. This will be followed by subsequent launches of two to three projects every month.

Also present on the occasion, Subrata Roy, managing worker and chairman, Sahara India Pariwar said, "This chain of townships called 'Sahara City Homes' will create abundant infrastructure facilities and provide quality housing to fellow citizens."

Sahara Infrastructure and Housing is also eyeing on the fixed direct investments but is not going in for any tie-ups at present.