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Demonetisation may impact auction of five Sahara properties
New Delhi: Demonetisation may impact auction of five Sahara properties scheduled to be held next month at a total reserve price of Rs 130 crores to recover money. Of the total, market arm of SBI, SBI Caps will auction three properties .The rest will be auctioned by HDFC Realty .
The situation was different in July when the E-auction had begun. Currency notes of Rs 500 and !000 were available then and the real estate was not hit as much as it has been hit now. Money supply position was also much better. Withdrawal of these notes and non-availability of new notes have changed the situation.
If there is no change, the auction is likely to be affected. Official sources, however, do not agree and claim that supply position will be much better by the end of the month. In any case, normalcy will return by the middle of next month, Since the auction is slated to be held in last week of December it will not be affected.
This optimism is not shared by many non-officials. They refer to Prime Minister Narendra Modi's Goa speech in this connection in which he had asked the people to bear with him till December end ( for fifty days).
These two companies had auctioned thirteen additional properties last month without much hassles. In all, they have been authorised to sale 61 properties including land parcels.
HDFC Realty has been asked to auction 31 properties at a reserve price of Rs. 2,400 crores, while SBI Caps will sale the rest at a reserve price of Rs. 4,100 crores.
These properties are located in different states and cannot be sold at less than 90 per cent of the circle rates. In uttar Pradesh, the Sahara group as properties mainly in Kanpur, Muzaffarnagar and Greater Noida. Besides it has plots in Coimbatore and Siliguri.
The order to auction Its assets was given by the Supreme Court in March last on a dispute with Security and Exchange Board of India . Following the order ten assets worth Rs 1192 crores were sold in July. The money collected from these sales have been already deposited In the light of these developments and some others, the Court had extended company chief' Subrata Roy's bail which was granted following death of his mother. He is still out in the open. Roy had been in jail for two years.
Also read: Supreme Court extends Sahara Chief Subrata Roy’s interim bail
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