The ailing Sahara Group has sold its 185-acre land holding in Chauma village in Gurgaon to NCR-based developer M3M India Ltd for ₹1,211 crore. The sale is being seen as part of the Group’s attempts to raise money to secure the release of its chief Subrata Roy, who is in Tihar jail.

According to reports, the Group has clinched deals for the sale of two more land parcels — one in Vasai, Mumbai, and another in Jodhpur, Rajasthan — while talks are in the final stages for the sale of a land tract in Pune.

An official announcement is yet to be made for these two deals. Sources said that the land in Vasai is being sold for ₹1,111 crore, and the Jodhpur plot for ₹140 crore.

Those associated with the Gurgaon land deal maintained that it was not a ‘distress sale’.

“The land will be used for mixed-use development consisting of branded residences, service apartments, multiplexes, hotels and offices, among others, and has sales revenue potential of ₹12,000 crore,” said M3M India Director Pankaj Bansal.

The source of funds for M3M is stated to be internal accruals, strategic partners and corporate investors, including PE funds. Bansal added that the entire amount will be paid in instalments over the next six months.

The Supreme Court had on Tuesday permitted the Sahara Group to proceed with the sale of four domestic properties in Jodhpur, Pune, Gurgaon and Vasai. In all, the holdings are expected to fetch ₹2,710 crore.

Sahara needs to raise ₹10,000 crore — ₹5,000 crore through a bank guarantee and ₹5,000 crore in cash — for Roy’s release.

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