Valor Estate, formerly DB Realty, has emerged as the highest bidder for Lavasa Corporation, offering Rs 771.09 crore on a net present value (NPV) basis under the Corporate Insolvency Resolution Process (CIRP).

The offer came through a competitive 10-round bidding process, with Welspun Group placing second at Rs 750 crore and Yogayatan Group third at Rs 725 crore. Other participants included Lodha Developers, Pride Purple Group, and Jindal Steel & Power Group.

The Committee of Creditors (CoC) will now enter negotiations with Valor to maximise value and will later finalise the plan submission timeline and proof of funds. However, the deal is contingent upon obtaining critical environmental clearances, which have posed hurdles in past attempts to revive the financially-troubled hill city project.

Lavasa, envisioned as India’s first private hill city near Pune, has been plagued by regulatory delays, stalled construction, and debt. This marks the third major attempt to resolve its insolvency.  A previous ?1,814-crore bid by Darwin Platform Infrastructure (DPIL), approved in 2023, failed due to non-payment of the upfront amount.