Sahara says its land holdings in India are more than 33600 acres (13600 hectares).
Although not all is majority-owned, it amounts to more than any listed Indian developer.
The group has two small listed units, Sahara One Media and Entertainment Ltd and Sahara Housingfina Corp Ltd, whose combined market capitalisation is $48 million.
In 2009 another group company, property developer Sahara Prime City Ltd, filed a draft prospectus for an IPO to raise up to 34.5 billion rupees.
The deal never took place but it came back to haunt Sahara when the prospectus attracted the attention of the securities regulator to the fund-raising scheme ultimately banned by the Supreme Court.
While an IPO of that size in India would typically see top-tier investment banks scrambling for a piece of the action, it was managed by four local brokers and Japan's Daiwa Securities SMBC, a small player in India.
Several bankers at global institutions said they would not work with Sahara given concerns about governance and transparency.
"Their business model is not transparent. There are some grey areas," said the CEO of a large Indian bank, who like many people interviewed for this story declined to be identified given the sensitivity of the matter.
"Sahara has a lot of cash but we don't know where all this cash is coming from."
Not that it seems to need bankers.
Unlike many big, acquisitive groups, Sahara's in-built funding sources mean it does not rely on bank loans.
"Have you ever seen Sahara's balance sheet? Nobody has seen it," said a senior executive at another major Indian lender.