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.
Share your thoughts in the comments
Be respectful · TOI community guidelines
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.
