Adani to Purchase Sahara’s High-Value Assets in Historic Agreement

Adani Properties Pvt. Ltd., the real estate arm of the Adani Group, has recently made headlines by finalizing a significant agreement to acquire a collection of valuable assets from Sahara Group, marking a notable milestone in India’s real estate sector. This deal, worth thousands of crores, consolidates Sahara’s most prized real estate assets into a single transaction, a departure from previous attempts to sell assets individually, which often faced legal and market challenges, according to reports by India Today.

The genesis of this transaction can be traced back to a prolonged legal battle involving Sahara entities and the Securities and Exchange Board of India (Sebi) in the Supreme Court. Sebi had taken action against Sahara for its failure to refund investments to depositors, resulting in a court order directing Sahara to repay approximately Rs 24,030 crores. Despite Sahara depositing around Rs 16,000 crores in the Sebi-Sahara Refund Account through asset liquidation, significant outstanding obligations remained unresolved.

The passing of Subrata Roy, Sahara’s founder, in November 2023, was a pivotal moment for the group. Following Roy’s demise, Sahara accelerated efforts to sell assets to maximize value, settle debts, protect investors, and address contempt proceedings in the Supreme Court. Previous attempts to divest properties were stymied by challenging market conditions, lack of credible buyers, legal disputes, and bureaucratic obstacles, leading to a decision to pursue a bulk sale to a single buyer – the Adani Group.

Sources revealed that the financial details of the deal are confidential and will only be disclosed to the Supreme Court in a sealed envelope, reflecting the sensitivity of the transaction. The agreement stipulates that Adani must deposit the agreed-upon amount into the Sebi-Sahara Refund Account or a court-designated repository. The real estate portfolio comprising over 88 properties, including high-value land and buildings, spans various locations across India, such as Aamby Valley City in Maharashtra, Hotel Sahara Star near Mumbai airport, Sahara Shaher in Lucknow, and developments in Noida, Gurugram, and Mumbai, among others.

In a recent application to the Supreme Court, Sahara invoked Article 142 of the Constitution to seek the court’s extraordinary powers to ensure a comprehensive resolution. The primary request is for approval of the sale to Adani Properties as outlined in a Term Sheet dated September 2025. The plea also seeks protection against regulatory, criminal, or investigative actions related to the acquired properties and the diversion of all claims and liabilities to the Supreme Court.

Moreover, Sahara proposes the establishment of a high-level committee chaired by a retired Supreme Court judge to oversee the transaction, manage funds, address objections, facilitate the settlement of liabilities, and ensure a smooth transition of ownership to Adani Properties. This committee would have exclusive jurisdiction over the matter and could potentially resolve ongoing criminal investigations or trials involving Sahara.

The consolidated sale to Adani represents Sahara’s strategic move to maximize asset value promptly, particularly focusing on investor repayment. The pending Supreme Court hearing is scheduled for October 14, where the finalized sales terms will be submitted for review. If approved, this deal could mark a significant development in India’s real estate landscape, offering significant growth opportunities for Adani Group in the sector.