Kashmir Impulse Desk
Srinagar, Sep 05
A consortium backed by Kashmir hotelier Mushtaq Ahmad Chaya has won a 45-kanal land parcel at Srinagar’s Sangarmal in an online auction with a bid of Rs 421.75 crore, more than three times the property’s reserve price.
The auction, conducted by the Srinagar Development Authority, began on Aug. 25 and ended in the early hours of August 26.
The reserve price for the property was Rs 125 crore, putting the winning bid Rs 296.75 crore above the minimum amount set for the auction.
The formal bidder is Parmesh Construction Company Ltd, a consortium involving Pahalgam Green Hotels and Bhutani Infra Ltd, with Chaya backing the project and leading its development plans.
The property, offered on a full-lease basis, is located around a kilometre from Lal Chowk and Dal Lake and close to Polo View and the Kashmir Golf Course.
It includes land in front of and behind the existing Sangarmal City Centre.
The consortium plans to develop an integrated commercial and hospitality complex with a hotel, shopping and retail areas, banquet facilities, entertainment and leisure spaces.
Chaya said the proposed development would combine international-standard facilities with elements reflecting Kashmir.
The project is expected to involve a total investment of about Rs 1000 crore, including the land bid and roughly Rs 650 crore in construction and development costs. Plans also include parking for around 5000 vehicles.
Chaya said the project could generate about 10,000 direct and indirect jobs, adding that investment should translate into wider economic opportunities for people in Kashmir.
The consortium plans to hire specialist consultants, designers and other professionals with experience in large commercial and hospitality projects.
The development is required to be completed within three years under the lease conditions, Chaya said.
The project is expected to create a major retail, hospitality and entertainment destination in central Srinagar, building on the site’s proximity to established commercial and tourism landmarks.
