Tahir Bhat CNI/NEWS Srinagar CNI NEWS In one of the most significant commercial property deals in Srinagar in recent years, a consortium backed by

prominent hotelier Mushtaq Ahmad Chaya has won the online auction for approximately 45 kanals of prime land at Sangarmal for Rs 421.75 crore .The marathon online auction, conducted by the Srinagar Development Authority (SDA), began on August 25 and continued until 1:48 am on August 26 . The property, offered on a full-lease basis, had a reserve price of Rs 125 crore—making the winning offer more than 3.3 times the reserve price .”Come what may, I had made up my mind that I would bid for it. I was ready to go for the bid at any cost,” Chaya told Greater

Kashmir . “At around 2 am on August 26, we finally closed the bid and we won it” .The 45-kanal property comprises land in front of and behind the existing Sangarmal City Centre. Located just a few hundred metres behind the Kashmir Golf Course, opposite Polo View, and approximately a kilometre from both Lal Chowk and Dal Lake, the site is strategically positioned in the heart of Srinagar .Chaya, who heads the Mushtaq Group of Hotels and has been in the hospitality business since the mid-1980s, said the project is driven by a vision to create something significant for Kashmir . “I had decided that I wanted to take this property and develop something big for Kashmir. There were other consortia, there was competition, but I was very clear in my mind,” he said .

The formal successful bidder is Parmesh Construction Company Ltd, a consortium involving Pahalgam Green Hotels and Bhutani Infra Ltd . The consortium plans to engage specialised consultants, designers, and professionals with experience in large-scale commercial and hospitality developments . The project is expected to cost approximately Rs 600 crore and is slated for completion within three years, featuring comprehensive shopping and leisure amenities .Chaya’s interest in the site extends beyond the land’s value.

The location is central to the project’s business proposition, sitting close to Srinagar’s established commercial centre while also being within easy reach of major tourism and recreational landmarks . “You have Lal Chowk, Polo View, the Golf Course and Dal Lake all nearby. If you develop the property properly, it can become a landmark for Srinagar,” Chaya said .The Sangarmal shopping complex, originally conceived in 2015 during the tenure of then Chief Minister Mufti Mohammad Sayeed, had remained largely underutilised, with most shops staying shut and weeds overrunning the premises . The successful auction is expected to revive the site and transform the area into a major hub of business activity, generating significant employment opportunities .Chaya’s group has operated and developed hospitality properties in association with international hotel brands and has been instrumental in the expansion of the region’s tourism infrastructure. He has also held leadership positions in industry bodies, including the Jammu & Kashmir Hoteliers Club . CNI NEWS