Sahara resurrects 217 cities project (Financial Express, Mumbai, May10, 2007).

Lucknow, May 10: Close on the heels of clinching the Air Sahara deal with Jet Airways at Rs.1,500 crore, the Sahara Group on Wednesday resurrected its dream project of building townships in 217 cities across India (each project is spread over 100-300 acre). Though company officials denied using money from the airline sellout, the timing is too glaring to ignore.

Launched in 2003, Sahara’s dream project went into oblivion soon after due to what Sushanto Roy, head, Infrastructure and Housing, Sahara India Commercial Corporation Ltd, terms as “Land acquisition delays, lengthy sanctions and approvals as well as obtaining the environment clearance”.

“Getting 300 acre of contiguous land is not an easy process to accomplish in India. Each project has the potential to finance itself. Contrary to what people think, the management is not giving us the money from the airline sellout,” laughs Roy.