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  Metros   Mumbai  15 Aug 2017  Aamby Valley auction to start at Rs 37,392 crore

Aamby Valley auction to start at Rs 37,392 crore

THE ASIAN AGE.
Published : Aug 15, 2017, 2:20 am IST
Updated : Aug 15, 2017, 2:20 am IST

The notice has pegged the reserve price of the property at Rs 37,392 crore.

Subrata Roy
 Subrata Roy

Mumbai: The official liquidator of the Bombay high court on Monday published an auction notice for Sahara group’s Aamby Valley township, measuring around 6,761.6 acres near Lonavala in Pune district. The notice has pegged the reserve price of the property at Rs 37,392 crore.

The notice has been prompted after the Supreme Court had given the go ahead for the auction process to begin on August 14 last week. The notice has also invited bidders for two other parcels of land around Aamby Valley measuring 1,410 and 321.6 acres respectively.  

According to the notice, “the integrated hill city township namely Aamby Valley City Development, the first of its kind megalopolis spread over 6,761.642 undulating acres of verdant expanse, is nested amidst picturesque environs of the great Sahyadri Mountain range. The ultra-exclusive chartered city has residential options ranging from the Timber Chalets to fabulously modern and customised villas in distinct architectural styles and several amenities such as golf course, airport, hospital, adventure sports, retail, entertainment, international school and hospitality.”

The auction notice puts a spanner in Sahara owner Subrata Roy’s plea to postpone the auction till September when he said he would be able to arrange for the Rs 1,500 crore that was to be deposited in the Sebi (Securities and Exchange Board of India) Sahara refund account.

The notice has further said that prospective bidders need to submit their KYC (Know Your Client) forms and on qualification they will have to partake in the bidding along with 15 per cent of the reserve price as earnest money.

Due to the quantum of the properties, the notice says that the properties were being sold under two distinct phases over a period of two days, as an alternate to each other.

The successful bidders will come in possession of all subsisting licences, consents, permissions, registrations, approvals, grants and pending applications (as applicable) as per the Supreme Court order of July 25, 2017.

Tags: aamby valley, subrata roy
Location: India, Maharashtra, Mumbai (Bombay)