'Ghost mall' in Srinagar gets Rs 421.75 cr bidding
A consortium led by Parmesh Construction Company Ltd has won a highly competitive auction for a 45-kanal parcel adjacent to Srinagar’s Sangarmaal City Centre, placing a record-breaking bid of Rs 421.75 crore. The auction, which took place on August 25-26, continued well into the night as the final offer vastly exceeded the initial Rs 200 crore valuation expected by officials.
Situated near the Kashmir Golf Course, Polo View market, and central Srinagar’s busy commercial zones, this former abandoned property presents a significant redevelopment opportunity. The site’s strategic location and ample land area make it highly attractive to developers. Plans for the property include a multiplex, retail spaces, office facilities, and potentially housing.
This auction follows another major property deal in Srinagar, where a consortium secured a bid of Rs 305 crore for nearly 70 kanals of bus-stand land in Batamaloo, signaling a renewed interest in undeveloped commercial and public land across the region.
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