Srinagar's abandoned mall sells for Rs 421.75 crore after high-stakes auction
A 45-kanal parcel surrounding the stalled Sangarmaal City Centre in Srinagar fetched Rs 421.75 crore in an overnight auction, far exceeding government expectations.
Sangarmaal City Centre, a 45-kanal development announced in 2015 by former chief minister Mufti Mohammad Sayeed, has remained largely vacant, with weeds overtaking its 62 shops, food courts and office spaces. An auction held on Aug 25 for the surrounding land, located near the Kashmir Golf Course, Polo View market and the Chunt Khul stream, concluded early on Aug 26 with a record Rs 421.75 crore bid on a full-lease basis, well above the government's Rs 200 crore estimate.
The winning bidder, Parmesh Construction Company Ltd, is a joint venture of Pahalgam Green Hotels and Bhutani Infra Ltd. Officials expressed optimism that the deal will spur new commercial projects, including a multiplex, and signal renewed investor confidence in the Union Territory. The auction also set the stage for a separate bid on 70 kanals of bus-stand land in Batamaloo, where bids rose to Rs 305 crore, won by Construction Engineers.
Why it matters
The sale could trigger major private investment and revitalise a long-idle commercial hub in Srinagar.
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