Srinagar, Sept. 4 -- Srinagar- A long-delayed commercial project in Srinagar has attracted a staggering Rs 421.75 crore bid, turning the largely underused Sangarmal City Centre property into one of the city's most valuable recent real estate deals.

The 45-kanal property was auctioned on a full-lease basis, with bidding beginning on August 25 and continuing into the early hours of the following day. The final offer was more than twice the estimated valuation of around Rs 200 crore.

A consortium led by Parmesh Construction Company Ltd, along with Pahalgam Green Hotels, a J&K-based company and Bhutani Infra Ltd, emerged as the successful bidder.

The complex was planned with shops, Craft Bazaar spaces, kiosks, food courts, offices, parking...