All You Need to Know About Sahara's Aamby Valley Township
Subrata Roy Sahara's Aamby Valley will now be sold, piece by piece, as efforts to sell the entire property did not yield any results. In February, the Bombay High Court (HC) was informed that Mahindra Lifespace Developer and Piramal Group had shown interest in buying the property. Those plans seem not to have worked out.
Since the company had pleaded auctioning would not fetch the desired price, the Supreme Court on April 19 told the company it could sell the properties within the project on its own by May 15 and deposit the proceeds in the government account. It was in August last year that the HC had ordered that the property be auctioned for a reserve price of Rs 37,392 crore, following the Sahara Chief's inability to deposit Rs 5,000 crore of his total dues of Rs 14,000 crore to investors.
Here is all you need to know about the luxury township:
- Created for "the love of life", the Aamby Valley township is "designed to offer superior living spaces, and is "nestled amidst scenic surroundings of the mighty Sahyadris, and spans over 10,000 acres". The company website claims that Aamby Valley City "offers everything one needs for premium living".
- We are speaking of ultra-luxury here. According to the company website, Aamby Valley is the only gated township with a private airport. On the other hand, there is a golf course spread over 250 acres. Love fine dining? The city offers you plush restaurants and "state-of-the-art recreational facilities".
- The city has three man-made lakes and 11 other water bodies. The planners promise you that 91 per cent of the land will be kept as open spaces.
- The city has its own power plant, "generating 500MW of power to adequately fulfill energy demands" and its own school — International School Aamby — to teach "lessons of life". There is also Aamby Valley City's hospital, to give you a "healing touch", a health club to assist you to lead an "active life in a healthy city".
- The city offers a three-tier "non-intrusive" security system. The elevated "perimeter walls with powered fences, electronic remote surveillance and a patrolling security force"certainly make it a safe city to live in. Further, individual villas, chalets and residences are safeguarded through sensors, alarms and a watchful mobile force of security personnel.
- In 2012, the group had informed the court that the property was worth Rs 39,000 crore. The company now says the property is worth much more. "The market valuation of Aamby Valley is above Rs 1 lakh crore. Auctioning under distress will give the bidder undue favour/benefit," a Business Standard report quoted Sahara lawyer Gautam Awasthi as saying.