Hyderabad: Following Supreme Court orders, officials from the Enforcement Directorate (ED) will e-auction two properties of Nowhera Shaik that are located at two different places here on March 4.
Towards this, they issued a notification for conducting the e-auction of Naina Towers, Shaikpet, and a commercial building at Hydershakote in Rangareddy district. The two properties belong to Heera Retail (Hyderabad) Private Limited, represented by the managing director Nowhera Shaik and Heera Foodex Pvt. Ltd.
Naina Towers has a built up area of 45,217 square feet undivided share of land and the fifth and sixth ACC shed at road no. 11, Banjara Hills of Shaikpet village. It commands a starting price of Rs.43.50 crore.
The other building admeasuring 3,726 square yards and built up area of 1,05,353 square feet at Hydershakote village in Gandipet mandal has a start price of `42.50 crore.
The ED officials stated that the properties that are being auctioned have a clear and marketable title and there are no legal issues or encumbrances.
In case the legal issue cannot be resolved by the directorate of enforcement within a reasonable timeframe, the full amount paid by the bidder will be refunded within seven days of request.
The ED will collect Rs.50 lakh pre-bid earnest money deposit (EMD) for each lot/property from all bidders taking part in the auction.
The ED registered cases against Nowhera Shaik and her illegal money collection on the pretext of Ponzi activities and seized her properties. The apex court had recently granted permission to ED to conduct an auction of the properties and return amounts due to the victims from the proceeds.
