Adani Group Eyes Prime Sahara Properties: A Strategic Move in Real Estate
The beleaguered Sahara Group has approached the Supreme Court to sell 88 of its prime properties to the Adani Group for approximately ₹12,000 crore. This move aims to settle outstanding dues to investors. Here are four key properties that could change hands.
Real EstateSahara GroupAdani GroupProperty AcquisitionSupreme CourtReal Estate NewsOct 16, 2025
The proceedings in the SC are part of the long-running Sahara–SEBI dispute, which began in 2012. The SC directed Sahara Group entities to refund over ₹24,000 crore raised through Optionally Fully Convertible Debentures (OFCDs) to investors via SEBI. The group has claimed to have deposited around ₹16,000 crore to date, although SEBI maintains that over ₹9,000 crore remains outstanding.
The Sahara Group has proposed selling 88 properties across India to the Adani Group in a bulk deal estimated at around ₹12,000 crore. Below are four prime assets of the Sahara Group spread across the country.
1) Aamby Valley City, Maharashtra
Spanning over 10,000 acres near Lonavala, a hill station in Maharashtra, Aamby Valley City is one of India's largest luxury gated townships. The township was conceived by the Sahara Group in the mid-1990s, and land acquisition was carried out by acquiring several villages. The township became operational around 20 years ago and boasts high-end private villas, an airstrip, a golf course, and restaurants. The township also has several villas and cottages that are occupied by tourists.
The private valley township is also popular among prominent Indian sports personalities, who frequently visit its golf course.
2) Hotel Sahara Star, Mumbai
Located right outside Terminal 1 of Chhatrapati Shivaji Maharaj International Airport (CSMIA), also known as Mumbai International Airport, Hotel Sahara Star is a five-star luxury hotel. It has over 300 rooms and more than 20 suites. The hotel has been operational for around two decades and continues to see strong occupancy, primarily due to its prime location.
3) Sahara Shaher, Lucknow
Sahara Shaher is a 170-acre complex in Lucknow's Gomti Nagar. The complex was designed as a luxury enclave featuring villas, a helipad, theatres, and auditoriums. Historically, it served as a private space for India's elite, including politicians, film stars, and business tycoons.
However, around a week ago, the Lucknow Municipal Corporation (LMC) sealed all six gates of Sahara Shaher, citing alleged violations of the lease agreement. This action effectively took control of the property, which had been leased to Sahara India Commercial Corporation Ltd. in 1995. While the Sahara Group has approached the SC seeking permission to sell some of its properties, including Sahara Shaher, the LMC has intervened, claiming that the land was not owned by the company but was on lease.
4) Sahara Ganj Mall, Lucknow
Sahara Ganj Mall is situated in the heart of Lucknow and is a prominent shopping centre offering a variety of retail outlets, dining options, and entertainment facilities. The mall started operations around 20 years ago in 2005 and has been a significant commercial venture for the Sahara Group, attracting both local and international brands.
However, the property has been under the scrutiny of the Lucknow Development Authority (LDA) for outstanding dues to the government.
Why is Adani Group Chasing Sahara Properties?
While the proposed acquisition of Sahara's assets is contingent upon the final outcome in the SC, the Adani Group's real estate expansion has not gone unnoticed. Beyond the Sahara deal, Adani Properties has been actively involved in several high-profile projects in the Mumbai real estate market.
This includes the redevelopment of Dharavi in Central Mumbai and Motilal Nagar in the Goregaon area of Mumbai. These two clusters measure around 400 acres. Adani Realty secured the contract in February 2024 to redevelop the 24-acre Bandra Reclamation land parcel, which was put up by the Maharashtra State Road Development Corporation (MSRDC). The land parcel has a potential development area of 45 lakh square feet and is valued at around ₹30,000 crore.
The Adani Group has also been in the news over the last year for exploring talks to acquire or form a joint venture with Emaar India for its portfolio in the Indian real estate landscape. According to market sources, the Adani Group also holds a significant amount of land near the Navi Mumbai International Airport (NMIA), which was recently inaugurated by Prime Minister Narendra Modi.
While the Adani Group has been prominently in the news for real estate acquisitions over the last three years, its company, Adani Realty, has been in the real estate space for almost 15 years. According to the company website, its first project was a residential project in 2010 in Ahmedabad, Gujarat. The company maintains a presence in the residential, retail, and commercial real estate segments, as well as in cities such as Mumbai, Ahmedabad, Pune, and Gurugram. The company's website states that it has constructed 24 million sq ft of real estate, with approximately 61 million sq ft of area under development.
Frequently Asked Questions
What is the Sahara-SEBI dispute?
The Sahara-SEBI dispute began in 2012 when the Supreme Court directed Sahara Group entities to refund over ₹24,000 crore raised through Optionally Fully Convertible Debentures (OFCDs) to investors via SEBI. The group has claimed to have deposited around ₹16,000 crore, but SEBI maintains that over ₹9,000 crore remains outstanding.
Why is the Sahara Group selling its properties to the Adani Group?
The Sahara Group is selling its properties to the Adani Group to raise roughly ₹12,000 crore to settle outstanding dues to investors as mandated by the Supreme Court in a 2014 legal dispute with SEBI.
What are some of the prime properties the Sahara Group is selling?
Some of the prime properties the Sahara Group is selling include Aamby Valley City in Maharashtra, Hotel Sahara Star in Mumbai, Sahara Shaher in Lucknow, and Sahara Ganj Mall in Lucknow.
What is the status of the proposed sale?
The proposed sale is currently under review by the Supreme Court, which has scheduled a hearing for November 17, 2025. The Ministry of Finance, the Ministry of Corporate Affairs, and SEBI have been directed to submit their responses.
What is Adani Realty's role in the real estate market?
Adani Realty, a subsidiary of the Adani Group, has been active in the real estate market for almost 15 years. It has been involved in several high-profile projects, including the redevelopment of Dharavi in Mumbai and Motilal Nagar in Goregaon. The company has constructed 24 million sq ft of real estate and has approximately 61 million sq ft of area under development.
Related News Articles
Honoring Excellence in Indian Real Estate: Realty+ Women Icon Awards 2024
Realty+ celebrates women leaders in Indian real estate, pushing boundaries and driving growth.
Purva Home Fest 2024: A Grand Celebration of Home Buying in Mumbai and Pune
Get ready to find your dream home as Puravankara, a renowned real estate developer in India, presents the Purva Home Fest 2024 in Mumbai and Pune, starting from Navratri.
Latest Developments in the Indian Real Estate and Infrastructure Sectors: Godrej Properties, L&T, Indian Oil, PNC Infratech, NALCO in Focus
Godrej Properties Ltd has made a strategic move by acquiring three adjoining plots totaling 6.54 acres in Kharghar, Mumbai. This acquisition comes at a time when the real estate market is witnessing robust housing demand, making it a significant step for
Rise of Certified Real Estate Professionals: Lamrin Tech Skills University Takes the Lead
The real estate market in India has matured, becoming more organized and transparent. It's time for a unified policy in the sector, and Lamrin Tech Skills University is leading the way by awarding certifications to real estate professionals.
FASTag Becomes Mandatory at MSRDC Toll Plazas from April 2025
Starting from April 2025, the Maharashtra State Road Development Corporation (MSRDC) will enforce the mandatory use of FASTag at all its toll plazas, marking a significant step towards streamlining toll payments and reducing traffic congestion.
Pune Set to Launch Trump World Center: India's First Trump-Branded Office Complex
Pune is set to welcome the first Trump-branded office complex in India, marking a significant milestone in the country's real estate market. This ambitious project, known as Trump World Center, is expected to bring a new level of luxury and prestige to th