Srinagar Stalled Commercial Complex Fetches Rs 422 Crore in Auction
· India · Times of India, Indian Express
A 45-kanal land parcel surrounding Srinagar’s stalled Sangarmaal City Centre fetched Rs 421.75 crore in an overnight auction that concluded on August 26, 2026. Bidding for the property, located near Kashmir Golf Course and Polo View, opened at 11 am on August 25 and far exceeded government expectations of Rs 200 crore. Parmesh Construction Company Ltd, a consortium comprising Pahalgam Green Hotels and Bhutani Infra Ltd, secured the winning bid on a full-lease basis. The original Sangarmaal project was launched in 2015 under then Chief Minister Mufti Mohammad Sayeed but stalled after shops remained unoccupied and the premises fell into disuse. The new developers plan to introduce a multiplex and other commercial facilities on the site.
Why it matters
The high-value lease auction signals a potential revival of commercial investment in Jammu & Kashmir after years of stagnation at the prominent Srinagar site.
Read the original report — Times of India
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