2607:FEA8:551F:E780:68D9:73F:E35B:6F40 at 18:30, 15 September 2023

2023-09-15T18:30:00Z

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{{short description|Master-planned private township in Maharashtra, India}}
{{Use dmy dates|date=October 2018}}
{{Use Indian English|date=October 2018}}
{{Infobox settlement
| name = Aamby Valley City
| native_name =
| native_name_lang =
| other_name =
| nickname =
| settlement_type = Town
| image_skyline =
| image_alt =
| image_caption =
| pushpin_map = India Maharashtra
| pushpin_label_position =
| pushpin_map_alt =
| pushpin_map_caption = Location in Maharashtra, India
| coordinates = {{coord|18.60939|N|73.38725|E|display=inline,title}}
| subdivision_type = Country
| subdivision_name = {{flag|India}}
| subdivision_type1 = [[States and territories of India|State]]
| subdivision_name1 = [[Maharashtra]]
| subdivision_type2 = City
| subdivision_name2 = [[Pune]]
| established_title = 
| established_date =
| founder =
| named_for =
| governing_body =
| leader_title = Testing
| leader_name = [[Sahara India Pariwar]]
| unit_pref = Metric
| area_footnotes =
| area_rank =
| area_total_km2 = 43
| elevation_footnotes =
| elevation_m = 700
| population_total =
| population_as_of =
| population_rank =
| population_density_km2 = auto
| demographics_type1 = Languages
| demographics1_title1 = Official
| demographics1_info1 =
| timezone1 = [[Indian Standard Time|IST]]
| utc_offset1 = +5:30
| postal_code_type = 
| postal_code =
| registration_plate = MH 12, MH 14
| blank1_name_sec1 = Nearest city
| blank1_info_sec1 = [[Lonavala]]
| website = {{URL|www.aambyvalley.com}}
}}

'''Aamby Valley City''' is a township developed by the [[Sahara India Pariwar]] on the outskirts of Pune, India.

==Construction and connectivity==
The city, founded in 2006,<ref>{{cite web |title=Aamby Valley Ltd - Company Profile and News |url=https://www.bloomberg.com/profile/company/0197976D:IN |publisher=[[Bloomberg News]] |access-date=12 February 2021 |language=en}}</ref> is spread over {{convert|10600|acre}} of hilly terrain in the ''Sahyadri hills'' of the [[Western Ghats]]. It is about {{convert|23|km|abbr=on}} from [[Lonavala]], {{convert|87|km|abbr=on}} from the city of [[Pune]] and {{convert|120|km|abbr=on}} from the city [[Mumbai]].<ref name="now deserted"/> The township is connected by road from [[Lonavala]]. The township has an airstrip that stopped functioning in late 2016.<ref name="now deserted">{{cite news |last1=Hakim |first1=Sharmeen |title=Sahara case: Once a place for India's richest to unwind, Amby Valley is now deserted |url=https://mumbaimirror.indiatimes.com/mumbai/cover-story/shabby-valley/articleshow/61871538.cms |access-date=12 February 2021 |work=[[Mumbai Mirror]] |date=December 1, 2017 |language=en}}</ref> It has an average annual rainfall of {{convert|4000|mm|in|abbr=on}} from June to September.

Marketed to India's super-rich,<ref>{{cite news |last1=Foster |first1=Peter |title=Valley of dreams for India's new super-rich |url=https://www.telegraph.co.uk/news/worldnews/asia/india/1514453/Valley-of-dreams-for-Indias-new-super-rich.html |access-date=12 February 2021 |work=[[The Daily Telegraph|The Telegraph]] |date=31 March 2006}}</ref> the city was developed in five phases.<ref>{{cite report |last1=Gandhi |first1=Sagar S. |title=Large-Scale Urban Development in India - Past and Present |journal=Collaboratory for Research on Global Projects |date=2007 |pages=12 |url=https://gpc.stanford.edu/publications/research-analysis-large-scale-urban-development-india-past-and-present |access-date=12 February 2021 |publisher=[[Stanford University]]}}</ref> It was designed and master planned by [[Victor Gruen|Gruen]]{{endash}}Bobby Mukherji & Associates in the year 2003.<ref>{{cite news |title=For Sale: Aamby Valley City In Maharashtra Worth $6bn To Be Auctioned |url=https://worldarchitecture.org/architecture-news/cvpvh/for_sale_aamby_valley_city_in_maharashtra_worth_6bn_to_be_auctioned.html |access-date=12 February 2021 |work=World Architecture Community |date=April 26, 2017 |language=en}}</ref><ref>{{cite web |title=HOT 100 2017: Bobby Mukherji & Associates |url=https://www.architectandinteriorsindia.com/lists/2475-bobby-mukherji |publisher=Architect and Interiors India |access-date=12 February 2021 |date=8 May 2019}}</ref> It is almost entirely owned and operated by Sahara and related entities.<ref>{{cite news |title=Sahara's Aamby Valley up for sale: Read details of who owns how much |url=https://www.business-standard.com/article/companies/sahara-s-aamby-valley-up-for-sale-read-details-of-who-owns-how-much-117041700578_1.html |access-date=12 February 2021 |work=Business Standard India |date=17 April 2017}}</ref> It has between 600{{endash}}800 luxury bungalows priced between {{INR}}5 crore to {{INR}}20 crore.<ref name="now deserted"/><ref name="loss-making firm"/>

Three large man made lakes have been created by constructing dams. The largest lake is 1.5 km in length. The city is spread over 10,000 acres and ten villages near Lonavala<ref>{{cite news |last1=Hakim |first1=Sharmeen |title=Sahara’s Aamby Valley shutdown throws life out of gear at nearby villages |url=https://mumbaimirror.indiatimes.com/mumbai/other/saharas-aamby-valley-shutdown-throws-life-out-of-gear-at-nearby-villages/articleshow/62023716.cms |access-date=12 February 2021 |work=[[Mumbai Mirror]] |agency=PTI |date=December 11, 2017 |language=en}}</ref> and boasts of an airstrip, helipads, shopping complexes, 256 acres PGA approved 18-hole golf course,<ref>{{cite news |title=Five Facts About Sahara Group’s Aamby Valley Project Which Is On Auction |url=https://www.moneycontrol.com/news/business/real-estate/five-facts-about-sahara-groups-aamby-valley-project-which-is-on-auction-2363895.html |access-date=12 February 2021 |work=[[Moneycontrol.com]] |date=August 18, 2017}}</ref><ref>{{cite news |last1=Singh |first1=Paarth |title=At par |url=https://www.deccanherald.com/sunday-herald/sh-top-stories/at-par-870964.html |access-date=12 February 2021 |work=[[Deccan Herald]] |date=9 August 2020 |language=en}}</ref> captive power plant, two small dams, an international school, and a hospital. The township has multiple luxury restaurants and a lagoon with an artificial beach adjacent to the replica of [[Ghats in Varanasi|Varanasi ghat]] for cultural programs.<ref name="forced to sale"/>

In late 2016, the golf course and the airstrip stopped functioning.<ref name="now deserted"/>

==Financial troubles==
Since its founding the city has faced variety of financial and legal troubles<ref>{{cite news |last1=Joshi |first1=Yogesh |title=Sahara’s Aamby Valley: A dream city caught in legal quagmire |url=https://www.hindustantimes.com/india-news/sahara-s-aamby-valley-a-dream-city-caught-in-legal-quagmire/story-gIvUCUZAFk2XwtvW6p993I.html |access-date=12 February 2021 |work=Hindustan Times |date=7 February 2017 |language=en}}</ref> for having received investments of {{INR}}62,643 crore from deposits collected by four Sahara cooperative societies allegedly in violation of norms.<ref name="loss-making firm"/><ref name="only 2"/> Per Sahara group, the Aamby Valley project was valued at about {{INR}}1 trillion ($14.76 billion) in 2014, citing a [[Knight Frank|Knight Frank India]] report. This high valuation claimed by Sahara was in contrast with the weakened financial profile of the project. According to [[Securities and Exchange Board of India]], Aamby Valley posted an after-tax profit of {{INR}}90 million in the 12 months ended March 2013 compared to {{INR}}694 million in the July 2011-March 2012 period.<ref>{{cite news |title=Sahara’s Aamby Valley struggles to stay afloat |url=https://www.deccanchronicle.com/business/companies/010216/sahara-s-aamby-valley-struggles-to-stay-afloat-banks-on-small-savers.html |access-date=11 February 2021 |work=[[Deccan Chronicle]] |agency=[[Reuters]] |date=1 February 2016 |language=en}}</ref><ref>{{cite news |last1=Subramanian |first1=N. Sundaresha |title=Number crunching: Just how much is Sahara's Aamby Valley worth? |url=https://www.business-standard.com/article/companies/number-crunching-just-how-much-is-sahara-s-aamby-valley-worth-117042600728_1.html |access-date=11 February 2021 |work=Business Standard India |date=27 April 2017}}</ref> In 2018–19, the Aamby Valley project made a consolidated loss of {{INR}}994 crore compared to a loss of {{INR}}1,133 crore in the previous year. Its total income came down to {{INR}}958 crore in 2018-19 from {{INR}}1,530 crore a year ago.<ref name="loss-making firm">{{cite news |last1=Narayan |last2= Kulkarni |first2= Sushant |first1=Khushboo |title=Aamby Valley in Sahara probe: Over Rs 62,000 cr depositors’ cash in loss-making firm |url=https://indianexpress.com/article/business/companies/aamby-valley-in-sahara-probe-under-scanner-over-rs-62000-cr-depositors-cash-in-loss-making-firm-6585812/ |access-date=12 February 2021 |work=[[The Indian Express]] |date=7 September 2020 |location=Mumbai, Pune |language=en}}</ref>

In 2016, the [[Tehsildar]] of [[Mulshi]], a local revenue authority, sealed the gated township for non-payment of taxes. It was reopened the same day after Sahara group made a payment of {{INR}}2.53 crore.<ref>{{cite news |title=Sahara’s Aamby Valley sealed over non-payment of dues |url=https://www.hindustantimes.com/business/sahara-s-aamby-valley-sealed-over-non-payment-of-dues/story-i9R4zOj7qsGF7HYMoVgNFI.html |access-date=11 February 2021 |work=[[Hindustan Times]] |date=1 March 2016 |language=en}}</ref><ref>{{cite news |title=Aamby Valley sealed, reopened after Sahara Group pays tax dues |url=https://economictimes.indiatimes.com/news/politics-and-nation/aamby-valley-sealed-reopened-after-sahara-group-pays-tax-dues/articleshow/51214063.cms |access-date=11 February 2021 |work=The Economic Times |agency=PTI |date=March 1, 2016}}</ref><ref>{{cite news |last1=Mehta |first1=Tejas |title=Sahara's Aamby Valley Reopens After Being Sealed For Hours |url=https://www.ndtv.com/india-news/aamby-valley-sealed-another-blow-for-subrata-roy-1282849 |access-date=12 February 2021 |work=[[NDTV]] |date=March 1, 2016}}</ref>

=== Sales proceedings===
In April 2017, the [[Supreme Court of India]] ordered the auction of Aamby Valley project to recoup {{INR}}14,000 crore the company owes to [[Sahara India Pariwar investor fraud case|duped investors]].<ref name="forced to sale"/><ref>{{cite news |last1=Chaturvedi |first1=Arpan |title=Supreme Court Orders Fresh Auction Of Aamby Valley Property |url=https://www.bloombergquint.com/law-and-policy/supreme-court-orders-fresh-auction-of-aamby-valley-property |access-date=12 February 2021 |work=[[Bloomberg Quint]] |date=November 23, 2017 |language=en}}</ref><ref>{{cite web |title=Office of Official Liquidator: Mumbai High Court |url=https://www.officialliquidatormumbai.com/pdf/OL-Times%20of%20India%20(All%20Edition).pdf |access-date=12 February 2021 |date=14 August 2017}}</ref> The court set a seemingly high reserve price of {{INR}}37,000 crore, which led to limited interest and only two bids and no buyers in the end.<ref name="forced to sale">{{cite news |last1=Sinha |first1=Bhadra |title=Blow to Sahara, SC orders auction of Aamby Valley |url=https://www.hindustantimes.com/india-news/blow-to-sahara-sc-orders-auction-of-aamby-valley/story-EUilmHFoM4hzKAVXM0LQeP.html |access-date=12 February 2021 |work=[[Hindustan Times]] |date=17 April 2017 |language=en}}</ref><ref name="only 2">{{cite news |last1=Khanna |first1=Sundeep |title=Low interest in Aamby Valley auction shows limitations of private cities |url=https://www.livemint.com/Opinion/FTG2vdVVnuKRapsDNMpUWK/Low-interest-in-Aamby-Valley-shows-limitations-of-private-ci.html |access-date=12 February 2021 |work=[[Mint (newspaper)|Mint]] |date=19 September 2017 |language=en}}</ref><ref>{{cite news |title=Aamby Valley auction process begins at Rs37,000 crore reserve price |url=https://www.livemint.com/Politics/IPqtmE9F1YusbEgO23807I/Sahara-Groups-Aamby-Valley-auction-process-begins-at-Rs37-c.html |access-date=12 February 2021 |work=Live Mint |agency=PTI |date=14 August 2017 |language=en}}</ref><ref>{{cite news |title=Aamby Valley auction said to attract just two bidders |url=https://www.livemint.com/Companies/ivs2yudAY4etennywClb0K/Just-two-potential-bidders-for-Rs37000-crore-Aamby-Valley-a.html |access-date=12 February 2021 |work=Live Mint |agency=PTI |date=17 September 2017 |language=en}}</ref><ref>{{cite news |title=No takers for Sahara's Aamby Valley properties: Official liquidator tells SC |url=https://www.dnaindia.com/business/report-no-takers-for-sahara-s-aamby-valley-properties-official-liquidator-tells-sc-2636353 |access-date=12 February 2021 |work=[[Zee News#Newspaper|DNA India]] |agency=PTI |date=12 July 2018 |language=en}}</ref> In July 2018, after failing to attract prospective buyers, the supreme court deferred the auction and allowed to city to be under control of the Sahara Parivar.<ref>{{cite news |last1=Prakash |first1=Satya |title=Sahara saves Aamby Valley as no buyer turns up |url=https://www.tribuneindia.com/news/archive/nation/sahara-saves-aamby-valley-as-no-buyer-turns-up-619378 |access-date=12 February 2021 |work=[[The Tribune (Chandigarh)|The Tribune]] |language=en}}</ref><ref>{{cite news |last1=Joshi |first1=Yogesh |title=Sahara regains control of Aamby Valley, Roy assures normalcy to staff |url=https://www.hindustantimes.com/pune-news/sahara-regains-control-of-aamby-valley-roy-assures-normalcy-to-staff/story-5DTvswT9soVCDWMloFddTI.html |access-date=12 February 2021 |work=Hindustan Times |date=25 July 2018 |language=en}}</ref> In 2019, the court decided to continue with the auction.<ref>{{cite news |title=Auction process of Sahara's Aamby Valley property to continue: SC |url=https://www.deccanherald.com/national/west/auction-process-of-saharas-aamby-valley-property-to-continue-sc-670241.html |access-date=12 February 2021 |work=[[Deccan Herald]] |agency=PTI |date=16 May 2018 |language=en}}</ref>

In January 2020, the supreme court appointed a receiver to manage Aamby Valley and to explore a new auction.<ref>{{cite news |last1=Subramanian |first1=N. Sundaresha |title=SC appoints official receiver to manage Aamby Valley |url=https://www.business-standard.com/article/companies/supreme-court-appoints-official-receiver-to-manage-aamby-valley-117112300734_1.html |access-date=12 February 2021 |work=Business Standard India |date=24 November 2017}}</ref>

==Sponsorship==
In 2014, Aamby Valley inked a 4-year $14 million sponsorship deal with [[Bangladesh national cricket team]].<ref>{{cite news |title=Bangladesh land record sponsorship deal |url=https://www.espncricinfo.com/story/bangladesh-news-bangladesh-land-record-sponsorship-deal-567279 |access-date=12 February 2021 |work=[[ESPNcricinfo]] |date=4 June 2012 |language=en}}</ref> Without citing any reasons, the [[Bangladesh Cricket Board]] ended the contract 15 months before it was scheduled to end.<ref>{{cite news |last1=Isam |first1=Mohammad |title=BCB ends contract with Aamby Valley |url=https://www.espncricinfo.com/story/bcb-ends-contract-with-aamby-valley-858213 |access-date=12 February 2021 |work=ESPNcricinfo |date=3 April 2015 |language=en}}</ref>

==See also==
* [[Lavasa]]
* [[Sahara India Pariwar investor fraud case]]

==References==
{{Reflist}}

==External links==
{{official website|www.aambyvalley.com}}

[[Category:Cities and towns in Pune district]]
[[Category:Lonavala-Khandala]]

Aamby Valley City - Revision history

2607:FEA8:551F:E780:68D9:73F:E35B:6F40 at 18:30, 15 September 2023