Sangarmal's Big-Ticket Auction Revives Stalled Project, Sparks Row

(MENAFN- Kashmir Observer) Srinagar- A long-delayed commercial project in Srinagar has attracted a staggering Rs 421.75 crore bid, turning the largely underused Sangarmal City Centre property into one of the city's most valuable recent real estate deals.

The 45-kanal property was auctioned on a full-lease basis, with bidding beginning on August 25 and continuing into the early hours of the following day. The final offer was more than twice the estimated valuation of around Rs 200 crore.

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A consortium led by Parmesh Construction Company Ltd, along with Pahalgam Green Hotels, a J&K-based company and Bhutani Infra Ltd, emerged as the successful bidder.

The complex was planned with shops, Craft Bazaar spaces, kiosks, food courts, offices, parking facilities and other amenities. However, the project failed to attract the expected commercial activity and remained largely underutilised.

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The massive auction has now revived interest in the property and raised expectations of its redevelopment.

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The deal has also sparked a political row. PDP leader Iltija Mufti criticised the auction, alleging that prime land in Kashmir was being handed over to outsiders.

In a post on X, Mufti said the Sangarmal property had been handed over to Parmesh Construction, which she described as a“non-local firm”. She also questioned the role of a local company in the consortium, alleging that its participation was being used to conceal the actual arrangement.

The controversy comes amid renewed government efforts to put underused prime properties in Srinagar to productive commercial use.

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