A unit of the beleaguered Sahara Group’s has approached the Supreme Court (SC) of India seeking approval to sell 88 of its prime properties to Adani Group.
The move by Sahara India Commercial Corporation Ltd (SICCL) to sell these properties to Adani Properties Pvt Ltd. is aimed at raising roughly ₹12,000 crore to settle outstanding dues to investors, as mandated by the court in a 2014 legal dispute between Sahara and market regulator SEBI, according to media reports. The SC has scheduled a hearing for November 17, 2025, directing the Ministry of Finance, the Ministry of Corporate Affairs, and the Securities and Exchange Board of India (SEBI) to submit their responses.
The proceedings in the SC form part of the long-running Sahara–SEBI dispute, in which the SC in 2012 directed Sahara Group entities to refund over ₹24,000 crore raised through OFCDs to investors via SEBI. The Sahara Group entities were required to refund around ₹25,000 crore, along with 15% annual interest.
The group has claimed to have deposited around ₹16,000 crore to date, although Sebi maintains that over ₹9,000 crore remains outstanding, according to a Mint report.
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. According to the official website of the Hotel Sahara Star, a five-star luxury hotel, it has over 300 rooms and more than 20 suites. The five-star hotel got operational around two decades ago. The hotel continues to see strong occupancy, primarily due to its location.
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3) Sahara Shaher, Lucknow
Sahara Shaher, 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, according to media reports.
While the Sahara Group has approached the SC seeking permission to sell some of its properties, including Sahara Shahar, the LMC, however, intervened, claiming that the land was not owned by the company but was on lease, according to a report by The India Express.
4) Sahara Ganj Mall, Lucknow
Situated in the heart of Lucknow, Sahara Ganj Mall is a prominent shopping centre offering a variety of retail outlets, dining options, and entertainment facilities, which started around 20 years ago in 2005. The mall has been a significant commercial venture for 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, according to a report by The Free Press Journal.
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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 in the sector 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.