Nowhera Shaik’s properties in Hyderabad to go under hammer on Mar 4
Hyderabad: The Enforcement Directorate (ED) will e-auction two properties of Nowhera Shaik that are located at two different places in Hyderabad and Rangareddy district on Tuesday, March 4, 2025.
This move follows a Supreme Court directive on November 12, 2024. The court found two of the properties belonging to Heera Retail (Hyderabad) Private Limited, Naina Towers (Shaikpet) and Heera Foodex, a commercial building at Hydershakote in Rangareddy district to be free from encumbrance and ordered their auction.
According to ED officials, the two properties belonging to Nowhera Shaik have a clear and marketable title and there are legal issues attached to them.
Naina Towers has a built-up area of 45,217 square feet, including an undivided share of land and the fifth and sixth ACC sheds located on Road No. 11, Banjara Hills, in Shaikpet village. The market value of the property is stated to be Rs. 43.50 crore while the commercial building in Hydershakote is valued at Rs. 42.50 crore.
The bidders who take part in the e-auction will be required to make a pre-bid earnest money deposit (EMD) of Rs. 50 lakh for each lot/property. 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.
If the Directorate of Enforcement is unable to resolve the legal issue within a reasonable period, the bidder will receive a full refund within seven days of submitting a request.
Last year, the apex court directed the central agency to auction off properties surrendered by Shaik after she failed to raise Rs 580 crore to settle investor claims.
Promising high returns in a short span of time, Nowhera Shaikh-led Heera Group collected Rs. 5,600 crore investments from 1.72 lakh depositors through a ‘halal’ gold ponzi scheme spread over Telangana, Andhra Pradesh, Maharashtra, Karnataka and Kerala. The group’s promoter had promised a 36 percent dividend on their investments. Interestingly, banks could give only 13 percent dividends on your investments per annum.
