Srinagar ghost mall turns into Rs 422cr jewel in auction
A long-stalled commercial complex in Srinagar, known as the Sangarmaal City Centre, was sold at auction for Rs 421.75 crore. The sale significantly exceeded government expectations and is expected to boost investment in the region.
Why it matters
The successful auction of this high-profile property signals a potential shift in the commercial real estate market and economic development in Jammu and Kashmir.
SRINAGAR: For years, grass and weeds had more business at Sangarmaal City Centre than shoppers did. Then came the bidders. A 45-kanal (5.625 acre) parcel around Srinagar’s stalled commercial complex fetched an eye-popping Rs 421.75 crore after an overnight auction far exceeded what govt had pegged.Bidding opened at 11am on Aug 25 for land in front of and behind Sangarmaal, just behind Kashmir Golf Course and opposite Polo View, a pedestrian-only high-street market lined with cafes and boutique stores. One end of the property touches Chunt Khul, a stream running through Srinagar. Dal Lake is about 1km away. Lal Chowk is within easy reach.That mix of location, scale and commercial potential made this largely underused land a prized piece of real estate.By 1.48am on Aug 26, Sangarmaal became one of J&K’s hottest pieces of public real estate, with officials watching the price race far beyond their Rs 200-crore expectations.
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