Srinagar, Sep 3: Delhi-registered Parmesh Construction Company Ltd has emerged as the successful bidder for a 45-kanal parcel of prime land surrounding Srinagar’s Sangarmall City Centre, securing the property through a consortium that includes J&K-based Pahalgam Green Hotels and Bhutani Infra Ltd for ₹421.75 crore.
The auction has triggered a political controversy, with PDP leader Iltija Mufti questioning the role of the non-local firm and the extent of local participation in the consortium.
In a post on X, Mufti alleged that prime land in Kashmir was being auctioned under the NC-led government. She described Parmesh Construction as a “non-local firm” and questioned the transfer of the Sangarmall property to the consortium.
She also questioned the role of the local company in the consortium, alleging that its presence should not automatically be viewed as evidence of meaningful local ownership or control.
Tender records show that Parmesh Construction Company Ltd emerged as the successful bidder in the government-conducted forward auction for the Sangarmall composite development. The tender covered three Srinagar Development Authority land parcels and offered the property under a 99-year Build-Own-Operate-Transfer lease arrangement.
The 45-kanal parcel is located around the existing Sangarmall complex, close to the Kashmir Golf Course and opposite Polo View, making it one of the strategically located commercial properties in Srinagar.
The auction began on August 25 and continued into the early hours of August 26. The winning bid of ₹421.75 crore was more than double the roughly ₹200-crore figure that had been reported as an expected valuation before the auction.
Publicly available corporate records describe Parmesh Construction Company Ltd as a non-government, public unlisted company registered with the Registrar of Companies in Delhi, with its registered office in East Delhi.
The consortium also includes Pahalgam Green Hotels, identified in public reports as its J&K-based member, along with Bhutani Infra Ltd.
The political controversy has consequently shifted attention from the auction price to the structure of the consortium and the extent of local participation in the proposed development.
The Sangarmall complex itself has a long and troubled history. Conceived as a major commercial destination, the complex has remained substantially underutilized over the years, with several shops closed and parts of the property requiring significant upkeep.
The new lease arrangement is aimed at reviving the site through fresh commercial development.
Given the location and value of the property, the auction has raised broader questions about the future use of prime public land in Srinagar, including who will control the development, what safeguards are in place and how much economic benefit will accrue to local businesses and residents.
Srinagar, Sep 3: Delhi-registered Parmesh Construction Company Ltd has emerged as the successful bidder for a 45-kanal parcel of prime land surrounding Srinagar’s Sangarmall City Centre, securing the property through a consortium that includes J&K-based Pahalgam Green Hotels and Bhutani Infra Ltd for ₹421.75 crore.
The auction has triggered a political controversy, with PDP leader Iltija Mufti questioning the role of the non-local firm and the extent of local participation in the consortium.
In a post on X, Mufti alleged that prime land in Kashmir was being auctioned under the NC-led government. She described Parmesh Construction as a “non-local firm” and questioned the transfer of the Sangarmall property to the consortium.
She also questioned the role of the local company in the consortium, alleging that its presence should not automatically be viewed as evidence of meaningful local ownership or control.
Tender records show that Parmesh Construction Company Ltd emerged as the successful bidder in the government-conducted forward auction for the Sangarmall composite development. The tender covered three Srinagar Development Authority land parcels and offered the property under a 99-year Build-Own-Operate-Transfer lease arrangement.
The 45-kanal parcel is located around the existing Sangarmall complex, close to the Kashmir Golf Course and opposite Polo View, making it one of the strategically located commercial properties in Srinagar.
The auction began on August 25 and continued into the early hours of August 26. The winning bid of ₹421.75 crore was more than double the roughly ₹200-crore figure that had been reported as an expected valuation before the auction.
Publicly available corporate records describe Parmesh Construction Company Ltd as a non-government, public unlisted company registered with the Registrar of Companies in Delhi, with its registered office in East Delhi.
The consortium also includes Pahalgam Green Hotels, identified in public reports as its J&K-based member, along with Bhutani Infra Ltd.
The political controversy has consequently shifted attention from the auction price to the structure of the consortium and the extent of local participation in the proposed development.
The Sangarmall complex itself has a long and troubled history. Conceived as a major commercial destination, the complex has remained substantially underutilized over the years, with several shops closed and parts of the property requiring significant upkeep.
The new lease arrangement is aimed at reviving the site through fresh commercial development.
Given the location and value of the property, the auction has raised broader questions about the future use of prime public land in Srinagar, including who will control the development, what safeguards are in place and how much economic benefit will accrue to local businesses and residents.
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