Hyderabad: The Enforcement Directorate (ED) will conduct an e-auction of two properties owned by Nowhera Shaik on March 4, in compliance with Supreme Court orders.
The properties include Naina Towers in Shaikpet and a commercial building in Hyder Shah kote, Ranga Reddy. Both belong to Heera Retail Private Limited, where Nowhera Shaik serves as Managing Director.
Naina Towers, spread over 45,217 sq. ft. on Road No. 11, Banjara Hills, has a starting auction price of Rs.43.50 crore. The commercial building, covering 3,726 sq. ft. with a built-up area of 1,05,353 sq. ft., has a starting price of Rs.42.50 crore.
According to ED officials, both properties of Nowhera Shaik have clear titles with no legal complications. The auction terms specify that if the ED cannot resolve any legal issues within the given timeframe, the entire amount will be refunded within seven days.
The agency has received Rs.50 lakh deposits from bidders for each property. The ED had earlier attached these properties in connection with a case against Nowhera Shaik and her company for illegal money collection. The Supreme Court recently permitted the ED to auction the assets to compensate victims.
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