Mumbai-based Yogayatan Group has emerged as the highest bidder for the debt-laden Lavasa Corporation, raising its offer to Rs795 crore on a net present value (NPV) basis—up from Rs725 crore in the first round. This move surpasses Valor Estates’ Rs771 crore bid and narrowly edges out Welspun Group’s revised Rs785 crore offer.
The bidding process, now in its second major attempt after a failed Rs1,814 crore plan in 2023, remains complex. Lenders are navigating challenges including land title disputes, pending environmental clearances, and long payment timelines—some stretching up to five years. Valor Estates, formerly DB Realty, has signaled interest in upping its bid post-deadline, adding fresh uncertainty ahead of the creditors’ committee meeting.
Lavasa, once envisioned as India’s first privately built hill city modeled after Italy’s Portofino, was designed to offer luxury living with golf courses, rowing facilities, and a football academy. However, financial troubles led to its bankruptcy admission in 2018. The current resolution process is being overseen by EY-backed professional Udayraj Patwardhan, with stakeholders awaiting clarity on the final bid outcome.