ED to E-Auction Nowhera Shaik’s Properties on March 4
Hyderabad: The Enforcement Directorate (ED) will e-auction two properties owned by Nowhera Shaik on March 4, following orders from the Supreme Court.
These properties include Naina Towers in Shaikpet and a commercial building at Hydershakote in Rangareddy district. They belong to Heera Retail (Hyderabad) Private Limited and Heera Foodex Pvt. Ltd., both managed by Nowhera Shaik.
Property Details & Base Prices
- Naina Towers: Located in Shaikpet village, this property spans 45,217 square feet of built-up area, including the fifth and sixth ACC sheds at Road No. 11, Banjara Hills. The starting bid is set at ₹43.50 crore.
- Commercial Building at Hydershakote: Spanning 3,726 square yards, with a built-up area of 1,05,353 square feet, this property in Gandipet mandal has a base price of ₹42.50 crore.
Auction Process & Legal Assurance
The ED has confirmed that both properties have clear ownership titles with no legal issues or claims against them. If any legal complications arise that cannot be resolved in a reasonable time, the full amount paid by the winning bidder will be refunded within seven days upon request.
To participate in the auction, bidders must pay a ₹50 lakh pre-bid deposit (EMD) for each property.
The ED had filed cases against Nowhera Shaik for running an illegal Ponzi scheme, collecting money fraudulently from investors. As part of the investigation, her properties were seized. Recently, the Supreme Court granted permission to auction these assets, and the proceeds will be used to repay victims.
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