Srinagar ghost mall turns into Rs 422cr jewel in auction

NewsIndia NewsSrinagar ghost mall turns into Rs 422cr jewel in auction

Srinagar’s stalled commercial complex fetched an eye-popping Rs 421.75 crore (Representative image)

SRINAGAR: For years, grass and weeds had more business at Sangarmaal City Centre than shoppers did. Then came the bidders. A 45-kanal (5.625 acre) parcel around Srinagar’s stalled commercial complex fetched an eye-popping Rs 421.75 crore after an overnight auction far exceeded what govt had pegged.Bidding opened at 11am on Aug 25 for land in front of and behind Sangarmaal, just behind Kashmir Golf Course and opposite Polo View, a pedestrian-only high-street market lined with cafes and boutique stores. One end of the property touches Chunt Khul, a stream running through Srinagar. Dal Lake is about 1km away. Lal Chowk is within easy reach.That mix of location, scale and commercial potential made this largely underused land a prized piece of real estate.By 1.48am on Aug 26, Sangarmaal became one of J&K’s hottest pieces of public real estate, with officials watching the price race far beyond their Rs 200-crore expectations. The highest bid touched Rs 421.75 crore on a full-lease basis.“My heart was racing as the bid was going up and up. It is an important project for J&K and this bid will open investment in the Union Territory after a long time,” an official said Tuesday.

Parmesh Construction Company Ltd, a consortium of Pahalgam Green Hotels, a J&K firm and Bhutani Infra Ltd, emerged as the successful bidder.Sangarmaal City Centre traces its roots to 2015, when then CM Mufti Mohammad Sayeed announced it as a new commercial venture meant to give Srinagar a modern skyline.What emerged was an ambitious complex with landscaped areas, fountains, basement and surface parking, lifts and escalators. Its commercial inventory included 62 shops in the main commercial module, 38 spaces in Craft Bazaar, 11 kiosks, two food courts, a restaurant and 11 office spaces.But the dream never got off the ground. Most shops stayed shut. Buyers who acquired units did not open them. Weeds overran the premises, turning what was meant to be a bustling commercial hub into a near-deserted property.Join conversation

InsightfulAgreeDisagreeSkepticalConcerningPromisingWorth ReadingBig Development

Now, a fresh lease could mean a fresh start. The front and rear portions have been offered for development on a full-lease basis, with a multiplex and other commercial facilities proposed.The Sangarmaal auction also set the stage for another high-stakes property bid. At Batamaloo, about 6km away, roughly 70 kanals (8.75 acre) of bus-stand land has remained largely underused and vulnerable to encroachment. Srinagar Development Authority (SDA) is seeking to redevelop it for better use.Bidding opened at Rs 95 crore on Aug 27 and climbed to Rs 305 crore by evening, with Construction Engineers, another J&K consortium, emerging as highest bidder. Batamaloo is also being offered on a full-lease basis, with plans for shopping, office spaces and housing.

Get the latest India News and Live updates. Download the TOI app.

Manipur Violence: Three Naga Villages Attacked, 10 Houses Torched In Fresh Kangpokpi Clashes

Union Minister Chirag Paswan Gets Death Threat From ‘Terrorists’, Office Seeks Enhanced Security

S-400 vs Project Kusha: Why India Wants More Russian Air Defence Despite Atmanirbharta

'Historic Win': CJP Hails Supreme Court Verdict As Apex Court Quashes FIRs, Sept 5 Cancelled

Mamata Banerjee’s Niece Found Dead In Birbhum Home, Post-Mortem Underway To Establish Cause

Sonia Gandhi’s ‘Belonging’ Book Row: Why Did Penguin India Drop the Publishing Deal?

Cash Shortage Unlocks ₹17 Crore Fake Note Mystery At PNB’s Saharanpur Currency Chest

Bihar, Jharkhand End 25-Year Dispute, Sign Sone River Water-Sharing Agreement

‘Spreading Jhooth Ki Goonj’: PM Modi Hits Out At Rahul Gandhi, Hails 7.8% GDP Growth In New Video

Srinagar ghost mall turns into Rs 422cr jewel in auctionPM Modi birthday celebrations: BJP plans bike rally from Vadnagar to VaranasiRising rivers inundate over 11,000 hectares across 5 UP districtsNepal floods bring 'unusual' fish to Bihar, govt warns people not to eat or sell themFrom marble inlay, silk to Mahabharata: What PM Modi gifted Uzbekistan, Kyrgyzstan leaders at SCO summitSudhikaran row: BJP SC Morcha performs ‘buddhi-shuddhi’ ritual for Rahul Gandhi'Political vendetta': TMC's Abhishek Banerjee cries foul after police grilling over scuffle caseWatch: CM Vijay steps out of convoy, gifts elderly woman his Dior glasses in Tamil NaduThe Rs 2.05 crore question: Can Meta be blamed for what its glasses record?'Can even become US president': Palaniswami takes dig at TN CM Vijay's 'PM ambitions'40+ Tennessee Tiny-home owners sue over ‘zombie HOA’ they say developer still controlsMeet Ingrid Alexandra: 22-year-old heir as King Haakon takes oath, future queen after 600 yearsJason Kelce On Brotherly Bond: ex-Eagles star says Travis’ rise brought pride; not rivalryMahomes Foundation Impact Grows: Couple builds kids-first charity off field; gala keeps breaking recordsSongs Of The Season Lineup: NFL, Roc Nation unveil 2026 playlist; Lil Uzi Vert leads artistsNavratilova Questions Influencer: Tennis great challenges Buckley over trans stance; WTA rule fuels row“A commitment to helping others”: Patrick and Brittany Mahomes make a $1.5 million impact as 15 and the Mahomies support 27 Kansas City charities‘It hurts to see Messi in tears’: What Ronaldo said when Argentina star first retiredMahomes’ Business Ventures: Brittany builds fitness and fashion brands; grows Kansas City Current stakeSorry, Josh Allen! The Super Bowl-less superstar can make the Top 10, but Myles Garrett is ready to take the NFL’s No. 1 Crown

Iran WarShane BieberTravis KelcePatrick and Brittany MahomesJennifer BotterillLiv Morgan vs Rhea Ripley Net WorthLiam McCrackensDe'Zhaun StriblingQTCindrellaMitch MarnerBrittany Mahomes Business EmpireRussell WilsonsSydney CrosbyJoe BurrowD4vDSteve McNair MurderHarper BeckhamAaron DonaldsJason KelcesKrunal PandyaShreyas IyerJavier MileiHardik PandyaVaibhav SooryavanshiShehbaz SharifPM ModiUP PNB FAKE NotesGoa Delhi Flight Emergency LandingBella MirJP Nadda