Supreme Court approves sale of Sahara’s Aamby Valley

Supreme Court approves sale of Sahara’s Aamby Valley
08/02/2018 , by , in News/Views

With no takers coming forward to purchase the entire Aamby Valley, an integrated hill city township spread over 6700 acres near Lonavala in Pune district, the Supreme Court on Wednesday allowed the liquidator and receiver to auction the saleable property of Aamby Valley until April 12 in parcels. The court was also informed that Mahindra and Piramal Groups have expressed interest in buying some parts.

The properties on auction included an integrated hill city township spread over 6,761.642 acres in the great Sahayadri mountain range, 1,409.865 acres of land surrounding Aamby Valley City Development and land measuring 321.656 acres within the Satara district. The reserve price of the property was Rs 37,392 crore.

Bombay HC’s official liquidator on Wednesday informed the Supreme Court that it was unable to sell the entire Aamby Valley property despite advertising for it following which the Apex court allowed the liquidator and the receiver to auction the saleable property in parts, sources said.

The Supreme Court has given time until April 12 to complete the entire process, sources said.The liquidator also informed the court that two corporate houses – Mahindra and Piramal groups have expressed interest in purchasing some part of Aamby Valley property, sources said.

There was no response from the two companies at the time of publishing the story.The auction process began on August 14 with the official liquidator inviting bids.

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