The sprawling 47-year-old empire of Sahara India in Lucknow, once a symbol of the city's commercial prowess, is now on the brink of collapse. The Lucknow Development Authority (LDA) and district administration have initiated a review of 19 properties leased to Sahara, with action already taken on three.
Three properties, including the SaharaGanj Mall, Sahara Bazaar, and Sahara founder Shri Subrata Roy's personal residence, have had their leases expire. One property has already been vacated, and three others were recently sealed. The remaining 13 properties are under scrutiny, primarily for alleged violations of lease terms, specifically using properties leased for commercial purposes for personal use.
A significant outstanding liability of ₹19.80 crore is owed by the Sahara group to the Lucknow district administration. The LDA's list of properties under review includes prominent sites like SaharaGanj Mall in Hazratganj, Subrata Roy's residence on Sahara Shahrukh Road, various commercial and residential properties in Gomti Nagar, parking spaces, and office complexes. LDA officials confirm that a report has been sent to the government, indicating imminent major action.
The action against Sahara began with the sealing of Sahara's Kapoorthala Complex and Sahara Bhawan-1 and Bhawan-2 in Aliganj on July 19.
The lease for Sahara Bazaar in Vibhuti Khand was terminated 50 years prematurely in June 2025, leading to the sealing and evacuation of its shops. Affected shopkeepers expressed distress, claiming they were evicted without proper notice despite possessing valid documents. Traders like Sunita Tiwari, Geeta Gupta, Jaiprakash Singh, and Rakesh Pandey voiced concerns over sudden loss of livelihood, accusing the administration of unilateral action and suggesting that the market might be sold to a builder.
Tenants at SaharaGanj Mall, like Shivam Bajpai of "Seva Chicken Shop" and Abhay of "The Label Suitings," fear similar fates, emphasizing the mall's iconic status and their dependence on it for their livelihoods.
The action is part of a broader review of Sahara's financial and legal standing. If all 19 propertie's leases are revoked, it would mark one of the most significant legal actions against the Sahara group, impacting thousands of families. LDA sources indicate this action will not be limited to Sahara, as other leased properties are also under investigation.
Sahara India Pariwar, which began in Lucknow in 1978 and expanded globally, once held the investments and hopes of millions. However, its empire is now facing a severe crisis, exacerbated by the death of its founder, Subrata Roy Sahara, on November 14, 2023. The Supreme Court, SEBI, and the Indian government are now actively working to refund investors through the auction of the group's immovable assets.
During its peak, Sahara boasted an estimated ₹2.15 lakh crore (approximately $50 billion) in assets, spanning over 80 business sectors, including real estate, finance, media, hospitality, and even electric vehicles. Its vast holdings included the Aamby Valley City in Maharashtra, Sahara Star Hotel in Mumbai, Sahara Shaher in Lucknow, and international properties in London and New York.
The dispute began in 2011 when SEBI declared Sahara India's collection of approximately ₹25,000 crore from investors through OFCDs (Optional Fully Convertible Debentures) illegal. The Supreme Court ordered Sahara to return this money to protect investors. Subrata Roy's arrest in 2014, followed by his imprisonment in Tihar Jail, initiated the process of selling Sahara's properties to raise funds. Between 2016 and 2020, about 67 properties, including parts of Aamby Valley, were listed for auction, but sales were hampered by a lack of buyers and legal complexities.
Subrata Roy's demise further deepened the uncertainty surrounding Sahara's succession and management. The Supreme Court has directed the group to provide a list of all its shareholders, officials, and unencumbered properties to raise ₹10,000 crore through sales. Over ₹25,000 crore in refunds are still pending with SEBI. The government and SEBI are now accelerating property auctions to recover this amount.
