Sahara's Aamby Valley up for sale for Rs 37392 cr reserve price

Sahara's Aamby Valley up for sale for Rs 37392 cr reserve price”

The Official Liquidator of the High Court for the Aamby Valley City in the twin hill stations of Lonavala-Khandala has set a reserve price of Rs 37,392 crore as part of efforts to partially recover the Sahara Group's pending dues to various lenders and investors.

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 notice by the official liquidator has pegged the reserve price of the property at Rs 37,392 crore.

However, market sources claim the actual prevalent market prices of these properties, including the constructions, amenities, world-class infrastructure and the goodwill, could be at least thrice the reserve price or in excess of Rs 100,000 crore. Three days earlier, the Supreme Court had dismissed the Sahara Group's plea to postpone the auction of the property. The Sahara group pegs the market valuation of this project at over Rs 1 lakh crore.

Sahara group has been wanting to prevent the auction of the Aamby Valley Project.

Aamby Valley City Development is spread over 6,761 "undulating acres of verdant expanse, is nested amidst picturesque environs of the great Sahyadri Mountain range", as quoted by NDTV Profit.

According to a PTI report, big corporate houses such Tatas, Godrej, Adani and Patanjali apart from real estate developers including Omaxe and Eldeco have shown interest in buying Sahara group's 30 properties.

The group had asked the court to postpone the auction, which was scheduled to start with publication of a notice on August 14, till September 16 to enable Sahara group chief Subrata Roy arrange the money. "After hearing counsels for Sebi (Securities and Exchange Board of India), amicus curie and Kapil Sibal, senior advocate for Sahara, the Supreme Court has opened a window for Sahara by permitting them to enter into the negotiations and deposit the amount before this court, and that is Rs1,500 crore to be deposited before the next date", he said.

According to Awasthi, it was said by the judge that if Rs 1,500 crore is deposited, then auction order will be withdrawn.

However, senior advocate Arvind Datar, representing the SEBI, opposed the proposal of the Sahara chief saying that every time a process starts, the group came up with some objection in order to delay the process. The SEBI-SAHARA account was created for the money Sahara group was asked to deposit with the regulator for further refund to the bondholders from which the group had raised money. The Sahara Group has to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore. Roy has been on "parole" since May last year after spending more than two years in jail.

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