Srinagar ghost mall turns into Rs 422cr jewel in auction
SRINAGAR - A once-abandoned commercial complex in Srinagar has turned into India's highest-value auctioned land at Rs 421.75 crore after an overnight bidding process that far surpassed the government's expectations. The 45-kanal (5.625 acre) parcel, located around Sangarmaal City Centre, was acquired by a consortium led by Parmesh Construction Company Ltd, Pahalgam Green Hotels, and Bhutani Infra Ltd. The property, which had been largely underutilized, now offers potential for development including a multiplex and other commercial facilities.
The auction also set the stage for another high-value property bid in Batamaloo, where roughly 70 kanals (8.75 acre) of bus-stand land is up for grabs, with plans to redevelop it for shopping, office spaces, and housing.
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