Subrata Roy-owned Sahara Group Aamby Valley is now up for auction at a reserve price of about Rs 37,000 crore, as the Bombay High Court on Monday announced the sale of the luxurious property near Pune.
The auction notice was published inviting potential bidders for the city that has several amenities such as golf course, airport, hospital, adventure sports, retail, entertainment, international school and hospitality.
According to the notices issued in newspapers the official liquidator of the court has set a reserve price of Rs 37,392 crore for the lease of properties of the Aamby Valley City in Lonavala. The auction, was announced after Sahara failed to deposit dues towards refund to investors. Last week, the Supreme Court had rejected Sahara's plea to hold on to the auction, reported NDTV Profit.
Official talks to start the process of selling began last month, where Sahara's chief lawyer had opposed the auctioning process and asked for 18 months time to pay the balance of around Rs 9,000 crore.
"The Official Liquidator hereby invites the Prospective Bidder(s) to submit their KYC Form and on qualification, invites bids from Intending Bidder(s) along with an amount of Fifteen Percent (15 per cent) of the Reserve Price as Earnest Money to be paid through RTGS or NEFT for the sale of the Aamby Valley City through Auction I or Auction II," the notice said.
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.
Last month, the Supreme Court extended Subrata Roy's parole to October 10. He was arrested in March 2014, for the failure of Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corp Ltd. The court ordered him to return 24,000 crore to the investors.
