Adani Group pursuing acquisition of 88 Sahara properties including Aamby Valley
Adani Properties Pursues Acquisition of 88 Sahara Group Assets
The Sahara Group has approached the Supreme Court seeking permission to sell its marquee assets to Adani Properties Private Limited under a term sheet signed on September 6, 2025. The portfolio includes Aamby Valley City in Maharashtra, Hotel Sahara Star in Mumbai, Sahara Shaher and Sahara Ganj in Lucknow, and large land parcels in several states.
Transaction Structure and Investor Repayment
Sahara stated that proceeds from the transaction would be deposited into the SEBI–Sahara Refund Account, created under earlier Supreme Court orders for repayment of those who invested in Sahara's optionally fully convertible debentures (OFCDs). The group has already deposited about Rs 16,000 crore into the account.
Under the CRCS–Sahara portal for cooperative societies, more than ₹2,000 crore has been returned to over 12 lakh depositors by early 2025, with the Supreme Court authorizing ₹10,000 crore in total to be disbursed through this portal, with timelines extended into 2026.
Core Assets in the Proposed Deal
Aamby Valley City is a township developed by Sahara on the outskirts of Pune, spread over 4,300 hectares (10,600 acres) of hilly terrain in the Sahyadri hills of the Western Ghats. It is about 23 km from Lonavala, 87 km from Pune and 120 km from Mumbai. The city was developed in five phases, marketed to India's super-rich, and contains between 600–800 luxury bungalows priced between ₹5 crore to ₹20 crore.
Aamby Valley has seen multiple court-ordered auction attempts since 2012. In April 2017, the Supreme Court ordered the auction of Aamby Valley to recoup ₹14,000 crore, setting a reserve price of ₹37,000 crore, which led to limited interest and only two bids with no buyers in the end.
Consolidated vs. Piecemeal Approach
Senior Advocate Mukul Rohatgi, appearing for Adani, confirmed the company's willingness to purchase all 88 identified Sahara assets in one consolidated transaction rather than through piecemeal sales. Rohatgi stated the company is willing to buy all 88 properties together, even if some are under dispute, to avoid fragmented litigation.
Judicial and Regulatory Scrutiny
The Supreme Court directed the Centre and SEBI to respond to the plea by Sahara on 14 October. The case will come up for hearing on November 17.
In a detailed report, senior advocate Shekhar Naphade disclosed that 63 properties mentioned in the list are subject to attachment orders by the Income-Tax department. Twenty of the 88 properties that Sahara is keen to sell to Adani are under dispute, some of which are pending litigation in different courts.
Context: Sahara's Long Financial Dispute
The dispute dates back to Sahara's issue of OFCDs worth Rs 24,030 crore, which SEBI declared illegal, with the Supreme Court directing Sahara to refund the amount with interest in 2012. Following the death of founder Subrata Roy in November 2023, the group said it has been left without central leadership, while multiple investigations by the Enforcement Directorate and other agencies have proceeded.
Adani's Real Estate Strategy
Since 2010, Adani Realty has expanded its footprint across major tech and finance hubs in India, from a country club and township in Ahmedabad to luxury towers in Mumbai. The Adani Group plans to invest as much as $11 billion to build homes and offices in North Mumbai on a 143-acre project in the Goregaon suburb, which will entail building homes for thousands of existing residents and businesses, affordable housing units, and public infrastructure.
In the last two years, Adani Realty has secured major government projects in Mumbai, including a $4.1 billion housing development in the north of the city and a $3 billion residential and commercial complex overlooking the Arabian Sea in Bandra West.