New Delhi | Economy India News Desk
The Sahara Group has approached the Supreme Court of India seeking permission to sell 88 properties, including Maharashtra’s Aamby Valley and Lucknow’s Sahara City, to Adani Properties Ltd. The deal, signed on September 6, 2025, requires court approval before execution.
According to Sahara India Commercial Corporation Ltd (SICCL), the proposed transaction will help the group extract “fair value” from its assets and facilitate the repayment of pending dues as per court directions. The matter is scheduled to come up for hearing on October 14.
Deal Highlights
- Properties involved: 88, including Aamby Valley (Maharashtra) and Sahara City (Lucknow).
- Buyer: Adani Properties Ltd.
- Purpose: To generate funds for repayment of investor dues.
- Court Approval: Mandatory before the sale can be executed.
Investor Dues and Refund Mechanism
The Sahara Group owes ₹24,030 crore to its investors. The proceeds from property sales are being deposited into the SEBI-Sahara Refund Account, from which claims of genuine investors are being settled.
- So far, Sahara has raised around ₹16,000 crore through the sale of various movable and immovable assets.
- On September 12, 2025, the Supreme Court directed that ₹5,000 crore from the SEBI-Sahara Refund Account be returned to cooperative society investors. A similar order had been passed earlier on March 29, 2023.
Why Sahara is Selling Assets
- Repaying Investors: With ₹24,030 crore outstanding, Sahara is under pressure to clear dues by liquidating assets.
- Compliance with Court Orders: The Supreme Court has repeatedly instructed the group to repay investors or face contempt proceedings.
- Financial Pressure: Mounting liabilities and prolonged litigation have forced Sahara to unlock value from its real estate holdings.
- Market Challenges: Weak market conditions and ongoing investigations had slowed earlier sale efforts. The Adani deal provides a quicker, better-valued transaction.
- Leadership Vacuum Post-Subrata Roy: After Sahara founder Subrata Roy’s death in November 2023, the group lacked a final decision-maker. The family has since chosen to expedite sales to safeguard investor interests.
Strategic Buyer: Why Adani?
The Adani Group, with its expansive real estate and infrastructure portfolio, offers both financial muscle and execution capability. For Sahara, the deal ensures:
- Swift monetisation of prime assets.
- Higher valuations amid tough market conditions.
- Credibility of settlement, given Adani’s strong capital base.
What Lies Ahead
- October 14 Hearing: Supreme Court to decide on granting approval.
- If approved: Funds from the Adani deal will be transferred to the SEBI-Sahara account for investor repayments.
- Broader Impact: A positive ruling could pave the way for further asset liquidation, reducing Sahara’s liabilities.
Background
Sahara’s troubles date back to a prolonged battle with SEBI over illegal fund-raising through OFCDs (Optionally Fully Convertible Debentures). Despite multiple deadlines and partial repayments, the group continues to face investor pressure, enforcement actions, and court scrutiny.
The Aamby Valley project, once envisioned as Sahara’s crown jewel, has remained in the spotlight due to its massive scale and valuation. The potential transfer to Adani could mark one of the largest real estate deals in recent years.
(Economy India)
