While there is no official word as yet on the identity of the potential bidders as the entire exercise is being carried out under strict observation of the apex court and the observers appointed by it, officials privy to the information said just two interested parties have turned up and have submitted their KYC details as required for the initial steps of the auction process.
Multiple real estate consultants also argued that it would be almost impossible for any single real estate player in India to buy such a huge property, a hill resort town in Maharashtra where a number of high profile celebrities are said to have invested, as the sector is going through a severe cash crunch and it is difficult for them to even arrange loans from banks.
The property, described by the liquidator as an "ultra- exclusive chartered city" that includes timber chalets, modern villas, golf course, hospital, school and airport, among other amenities.
Also Read
Sahara, which pegs the project's market valuation at over Rs 1 lakh crore, had earlier said the liquidator has initiated only first two steps of the auction by issuing advertisement for interested bidders and verifying their KYC (Know Your Clients) and the sale would be withdrawn if Rs 1,500 crore is deposited before the next date of hearing in the Supreme Court.
Sahara has been engaged in a long-running battle with the capital market regulator Sebi (Securities and Exchange Board of India).
The Supreme Court directed the official liquidator to go ahead with the scheduled auction of Aamby Valley property in Maharashtra, as it rejected Sahara Group Chief Subrata Roy's plea for some more time.
The directions came after Roy said he had deposited Rs 533.20 crore in the Sebi-Sahara account and wanted to pay the remaining Rs 966.80 crore through cheques dated November 11.
There are several steps before the final auction will take place in Mumbai.
As per the approved schedule, the prospective bidders were to submit their KYC documents by September 9, during which two sets of papers are believed to have been filed.
The qualified intending bidders can access property related information and undertake physical inspection of the assets to be auctioned till September 20.
The auction has been scheduled for October 10-11, while the top three highest bidders would be initiated by email by October 17.
The successful bidder would need to deposit 50 per cent of the bid amount by November 17 and further 25 per cent by December 16 and then the final 25 per cent by January 16.
If the successful bidder fails to make the payment, the property would be offered to the next highest bidder with a similar payment structure spread over three months.
The liquidator said the properties are being sold under two distinct phases over a period of two days, as an alternate to each other, "given the quantum of the properties to be sold".
About the resort town, the liquidator said: "The ultra- exclusive chartered city has residential options ranging from the timber chalets to fabulously modern and customised villas in distinct architectural styles and several amenities such as golf course, airport, hospital, adventure sports, retail, entertainment, international school and hospitality".
Disclaimer: No Business Standard Journalist was involved in creation of this content