Supreme Court today said process of auctioning Aamby Valley shall start, subject to deposit of Rs 1,500 crore by September 7th. Next date of hearing in the Aamby Valley case has been set at September 11th. With this tycoon Subrata Roy led Sahara Group’s valuable project’s fate hanging in balance, here is a chance to take a look at what it is about. Aamby Valley City is a township developed by the Sahara India Pariwar in Maharashtra’s Pune. The city, which spans around 10,600 acres, is around 23 kilometers away from the popular hill station Lonavala. Often referred to as independent India’s first planned hill city, the project comprises three beautiful man-made lakes and 11 water bodies in the picturesque Sahyadri range. It also has a 1,300-yard airstrip, along with an international standard 18-hole golf course as its top attractions. A preferred place for Business tycoons, Aamby Valley has multiple luxury restaurants for foodies, and a lagoon with an artificial beach adjacent to the replica of Varanasi ghat for those who love sunshine and cultural programs. The project, with a declared worth Rs 39,000 crore, was once endorsed by golfers like Anna Kournikova. As per a Hindustan Times report, one-bedroom villa is in the range of Rs 1-10 crore, also a number of plots are available with prices negotiable depending upon the response from the buyers.
In a big blow to Sahara, the Supreme Court in its Monday order asked Bombay HC official liquidator to proceed with publication of sale notice of the project. The decision was taken over the business conglomerate’s alleged failure to deposit money for refunding to its investors. The Supreme Court has ordered the auction of the property to recover Rs 14,779 crore which Sahara allegedly owes with market regulator SEBI. In its last hearing, the top court had warned Sahara that Aamby Valley project could be auctioned if he fails to deposit Rs 5,000 crore.