Srinagar, Sept. 7 -- For years, Sangarmal City Centre in the heart of Srinagar remained largely abandoned a commercial project that never lived up to its promise.
Now, its surrounding 45 kanals of prime land, belonging to the Srinagar Development Authority (SDA), has been auctioned for Rs.421.75 crore, more than double the government's expected value of around Rs.200 crore. The property has been leased for redevelopment, with Parmesh Construction Company Ltd. emerging as the successful bidder in a consortium that includes J&K-based Pahalgam Green Hotels and Bhutani Infra Ltd.
Opposition voices have questioned the role of the non-local Parmesh Construction and whether the local company in the consortium represents meaningful local particip...