With only two bidders showing any interest in the ongoing auction of the Sahara group’s resort town Aamby Valley, the fate of India’s fledgling private cities is looking doubtful.
The low level of interest in the ultra-luxury town is being ascribed to the seemingly high reserve price of Rs37,392 crore set by the Supreme Court for the township spread over 6,761.6 acres. With the auction scheduled for 10-11 October, there is still a chance more bidders could join the fray, but it does seem investors don’t believe the development is likely to offer viable returns.
Besides Aamby Valley, there is Lavasa city near Pune and the proposed Nano city near Chandigarh. Promoted privately but in partnership with the Haryana government, this last has been a non-starter, while Lavasa, which is owned and run by Hindustan Construction Co. Ltd, has been dogged by problems.
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