Sahara’s Aamby Valley auction begins with reserve price of Rs. 37,392 crore
The Bombay High Court has begun the auction process of the Sahara’s Aamby Valley property in Pune, Maharashtra. The official liquidator has set a reserve price of Rs 37,392 crore for the property. The liquidator has invited prospective bidders to bid for the properties along with 15% of the reserve price as earnest money. The Supreme Court had earlier declined to stay the auction of Sahara's properties despite the group claiming to have sold its two New York hotels and that it would generate $1.67 billion against 26% equity in its Aamby Valley property near Pune to pay its dues to the capital market regulator SEBI. The properties being auctioned include integrated hill city development spread over 6,761.64 acre, 1,409.86 acre land surrounding Aamby Valley City Development and 321.65 acre land in adjoining Satara district of Maharashtra. According to the public notice issued by the official liquidator, the properties are being auctioned in two phases given the quantum of the properties to be sold. The public auction of these properties would be on “sale/lease” basis on an “as-is-where-is-whatever-there is” of the Aamby Valley City, around 90 km from Mumbai. “The ultra-exclusive chartered city has residential options ranging from the Timber Chalets to fabulously modern and customized villas in distinct architectural styles and several amenities such as gold course, airport, hospital, adventure sports, retail, entertainment, international school and hospitality,” said the official liquidator’s auction notice.
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