New Delhi, Sept. 2 -- A 5.625-acre parcel of land around Srinagar's stalled Sangarmaal City Centre has fetched Rs.421.75 crore in an overnight auction, more than double the government's initial expectation of Rs.200 crore, Times of India reported.

Bidding for the land, located in front of and behind Sangarmaal, began at 11am on 25 August and continued into the early hours of 26 August. The highest bid reached Rs.421.75 crore on a full-lease basis.

The property is located in posh Srinagar neighborhood near Lal Chowk, the city centre. It is behind the Kashmir Golf Course and opposite Polo View, Srinagar's pedestrian-only high-street market lined with cafes and boutique stores. One end of the parcel touches Chunt Khul, a stream running thr...