In a significant development in the long-running Sahara refund case, Sahara India Commercial Corporation Ltd has informed the Supreme Court of India of its intent to sell 88 real estate properties to Adani Properties Ltd in a deal reportedly valued at over ₹1 lakh crore. The proposal, presented before a special bench led by Chief Justice B.R. Gavai on October 15, 2025, includes a sealed term sheet signed between the two business entities. The apex court has now sought responses from the Union Government and the Securities and Exchange Board of India (SEBI) before proceeding further.
Senior advocate Kapil Sibal, appearing for Sahara, stated that the proceeds from the proposed transaction would be “far in excess” of the group’s outstanding liabilities. The court has directed amicus curiae to verify the property details, including any pending disputes, and scheduled the next hearing for November 17, 2025.
🧠 Key Highlights of Sahara-Adani Property Deal Proposal
| Element | Details |
|---|---|
| Seller | Sahara India Commercial Corporation Ltd |
| Buyer | Adani Properties Ltd |
| Number of Properties | 88 |
| Estimated Deal Value | ₹1 lakh crore+ |
| Supreme Court Bench | CJI B.R. Gavai, Justices Surya Kant, M.M. Sundresh |
| Legal Representation | Kapil Sibal (Sahara), Mukul Rohatgi (Adani) |
| Next Hearing Date | November 17, 2025 |
The properties in question are spread across prime urban and semi-urban locations in India, including Mumbai, Delhi, Lucknow, Hyderabad, and Pune.
📊 Timeline of Sahara’s Legal and Asset Monetization Journey
| Year | Milestone Description |
|---|---|
| 2012 | SC directs Sahara to refund ₹24,000 crore to investors |
| 2014 | Subrata Roy arrested for non-compliance |
| 2016–2022 | Sahara sells assets to repay dues under SC supervision |
| 2023 | SEBI reports partial recovery of investor funds |
| October 2025 | Sahara proposes bulk sale to Adani Group |
The Supreme Court has maintained that any asset monetization must prioritize investor repayment and transparency.
🗣️ Reactions from Legal and Financial Circles
- SEBI Official (off record): “We will examine the valuation and legal status of each property.”
- Adani Group Counsel Mukul Rohatgi: “The group is interested in acquiring the properties en bloc.”
- Investor Rights Groups: “The deal must ensure timely and full repayment to affected investors.”
| Stakeholder Group | Reaction Summary |
|---|---|
| Legal Experts | Emphasized need for court-monitored execution |
| Financial Analysts | Called it a strategic real estate acquisition |
| Public Policy Advocates | Urged transparency and public disclosure |
| Opposition Politicians | Demanded scrutiny of valuation and process |
The deal, if approved, could become one of India’s largest real estate transactions in recent history.
🧾 Snapshot of Sahara’s Proposed Property Sale
| City | Number of Properties | Estimated Value (₹ crore) |
|---|---|---|
| Mumbai | 12 | 25,000 |
| Delhi NCR | 10 | 18,000 |
| Lucknow | 15 | 12,000 |
| Hyderabad | 8 | 10,000 |
| Pune | 6 | 8,000 |
| Other Cities | 37 | 27,000 |
| Total | 88 | 1,00,000+ |
The valuation is based on internal assessments and may be subject to revision after due diligence.
🧭 What to Watch Ahead of November Hearing
- Centre and SEBI’s Response: Legal and regulatory clearance critical
- Amicus Curiae Report: Verification of title, encumbrances, and valuation
- Investor Refund Mechanism: SC may direct escrow or phased disbursement
- Public Disclosure: Court may order publication of property details
The Supreme Court has reiterated that the deal will not proceed without judicial oversight and stakeholder consultation.
Disclaimer
This news content is based on verified court proceedings, legal filings, and media reports as of October 15, 2025. It is intended for editorial use and public awareness. The information does not constitute legal advice, investment recommendation, or real estate valuation and adheres to ethical journalism standards.
