Sahara plans IPO, launches housing project in Lucknow (Business Standard, New Delhi May 10 2007)

Lucknow, 9 May: 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 for these is in full swing.