Srinagar, Sept. 6 -- Srinagar- A consortium backed by prominent hotelier Mushtaq Ahmad Chaya has emerged as the successful bidder for around 45 kanals of prime commercial land at Sangarmal in Srinagar, with the property fetching Rs 421.75 crore in an online auction conducted by the Srinagar Development Authority (SDA).

The auction, involving one of the city's prominent commercial properties, has triggered a political debate over the manner in which prime government assets are being monetised, with politicians Sajad Lone and Iltija Mufti offering sharply divergent reactions.

Chaya, who heads the local corporate entity in the consortium, said he had decided to participate in the bidding even before the property was formally put up for auc...