Srinagar, Sep 5: A major land transaction in Srinagar has generated ₹421.75 crore for the Jammu and Kashmir Government, paving the way for a proposed ₹600-crore commercial and leisure development at Sangarmal City Centre.

The 45-kanal land parcel was auctioned through a competitive bidding process that reportedly attracted substantial investor interest, reflecting growing confidence in Srinagar’s commercial potential.
The proposed project is a joint venture involving Parmesh Construction Company Ltd, Pahalgam Green Hotels and Bhutani Infra Ltd. The development is expected to transform the existing Sangarmal City Centre into a modern commercial and leisure destination in the heart of Srinagar.
Mumtaz Group of Hotels Chairman and Managing Director Mushtaq Chaya has expressed optimism about the project, saying the development is expected to be completed within three years.
The proposed complex will feature comprehensive shopping, entertainment and leisure facilities, besides creating a modern business hub designed to cater to the growing needs of consumers and businesses.
Officials and stakeholders expect the project to generate significant employment opportunities and stimulate ancillary economic activity, benefiting local service providers, artisans, retailers and the hospitality sector.
The development is also being viewed as a potential boost to Srinagar’s tourism and urban infrastructure. Contemporary architectural designs and sustainable development practices are expected to form part of the project, with the aim of creating a landmark destination in the city.
The successful auction is being seen as an important step in the government’s efforts to attract private investment into major infrastructure and commercial projects across Jammu and Kashmir.
Once completed, the Sangarmal development is expected to emerge as a major focal point for retail, entertainment, hospitality and business activity, adding momentum to Srinagar’s evolving urban economy.
The government is expected to facilitate regulatory and logistical clearances to ensure timely execution of the project, with stakeholders hoping the initiative will encourage further private-sector participation in Jammu and Kashmir’s economic growth.