Sahara Eyes Single-Block Sale of 88+ Assets to Adani, SEBI Refund Account to Benefit
The long-pending Sahara real estate sale is moving closer to execution with a term sheet submitted to the Supreme Court, involving over 88 properties and a potential buyer in the Adani Group.
Sahara GroupAdani GroupReal EstateAsset SaleSupreme CourtReal Estate MaharashtraSep 25, 2025
The proposed buyer is the Adani Group, which would be required to deposit the full agreed amount into the Sebi–Sahara Refund Account or an account designated by the Supreme Court. The transaction, if approved, represents a court-supervised, one-shot sale designed to consolidate Sahara’s remaining assets under a single buyer. This approach aims to overcome persistent hurdles that had stalled monetisation for years, including fragmented ownership, multiple ongoing litigations, and poor buyer confidence.
By opting for a single-block sale, the Sahara Group seeks to expedite the refund process to legitimate claimants and deliver maximum value efficiently. The Supreme Court is expected to consider the application at its next hearing on October 14, 2025. The term sheet outlines the inclusion of over 88 properties, covering prime real estate holdings across Maharashtra, Uttar Pradesh, Haryana, Rajasthan, Gujarat, West Bengal, Jharkhand, Madhya Pradesh, Karnataka, and Uttarakhand.
Central to the package is the 8,810-acre Aamby Valley City, which has remained largely unmonetised for years, and the Sahara Star hotel, strategically located near Mumbai’s main airport. The single-block structure avoids piecemeal pricing, which previous attempts had shown to be impractical due to market conditions and legal constraints.
The Sahara Group has requested extraordinary court protections under Article 142 of the Constitution to ensure that the acquired properties are shielded from all regulatory or criminal inquiries, investigations, and proceedings. The group has further sought that any claims or liabilities related to these properties be addressed solely by the Supreme Court, preventing interference from other courts, tribunals, or government bodies. The company has also proposed forming a high-level committee, headed by a former Supreme Court judge, to oversee the execution of the sale, resolve competing claims, and manage remaining liabilities.
Past attempts to sell Sahara assets individually failed because of market uncertainty, lack of credible buyers, and simultaneous regulatory investigations. Despite multiple efforts by Sebi, including hiring specialised brokers and consultants, the assets remained largely unsold. Ongoing probes by various agencies against Sahara officials also limited the group’s ability to transact. Recognising that selling properties individually could take years, the management concluded that a bulk sale to a single buyer offered the most effective path to liquidating assets and complying with Supreme Court-mandated refund obligations.
The Sahara Group’s financial controversies date back over a decade. In 2012, Sebi ruled that two Sahara entities had raised funds through optionally fully convertible debentures without proper approvals and directed refunds with interest. The Supreme Court upheld this order, and founder Subrata Roy faced imprisonment for non-compliance in 2014. Over time, most Sahara assets, including its airline, hotels abroad, financial businesses, and part of its 36,000-acre land bank, were attached or sold under regulatory and judicial oversight. The Sebi–Sahara Refund Account was created to return money to legitimate investors, but the process has been slow due to the complex nature of the asset base.
The potential acquisition by Adani Properties aligns with the group’s strategy of acquiring stressed real estate assets and converting them into operational or development projects at scale. Adani’s property portfolio already spans major cities including Ahmedabad, Mumbai, Pune, and Gurugram, with a history of aggressive bids for distressed and redevelopment assets. This transaction would further expand the group’s footprint nationally while allowing Sahara to streamline the refund process and resolve one of India’s largest pending real estate disputes.
If the Supreme Court approves the proposed single-block sale, it could establish a precedent for handling complex asset sales under judicial supervision, particularly for cases involving multiple claimants and legal entanglements. For Adani, the deal represents an opportunity to consolidate a diverse portfolio of high-value properties under its development and operational framework. For Sahara, the sale could mark the beginning of the long-awaited resolution of outstanding investor claims and the completion of a decades-long monetisation effort.
Frequently Asked Questions
What is the significance of the single-block sale proposed by Sahara?
The single-block sale is significant because it aims to consolidate Sahara’s remaining assets under a single buyer, overcoming persistent hurdles that had stalled monetisation for years. This approach is designed to expedite the refund process to legitimate claimants and deliver maximum value efficiently.
Who is the proposed buyer for Sahara's assets?
The proposed buyer for Sahara's assets is the Adani Group, which would be required to deposit the full agreed amount into the Sebi–Sahara Refund Account or an account designated by the Supreme Court.
What are some of the key properties included in the sale?
Some of the key properties included in the sale are the 8,810-acre Aamby Valley City in Maharashtra, the Sahara Star hotel near Mumbai’s main airport, and various commercial and residential assets across multiple states.
Why is the Supreme Court's approval crucial for this sale?
The Supreme Court's approval is crucial because it ensures that the acquired properties are shielded from all regulatory or criminal inquiries, investigations, and proceedings. The court's oversight also helps in addressing any competing claims and managing remaining liabilities.
What are the potential benefits of this sale for both Sahara and Adani?
For Sahara, the sale could mark the beginning of the long-awaited resolution of outstanding investor claims and the completion of a decades-long monetisation effort. For Adani, the deal represents an opportunity to consolidate a diverse portfolio of high-value properties under its development and operational framework.
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