Onlykashmir.in News Desk
Delhi registered Parmesh Construction Company Ltd has emerged as the successful bidder for a 45 kanal parcel of prime land surrounding Srinagar’s Sangarmall City Centre, securing the property through a consortium that also includes J&K based Pahalgam Green Hotels and Bhutani Infra Ltd, for a winning bid of ₹421.75 crore that has now triggered a political controversy over the extent of genuine local participation in the deal.
PDP leader Iltija Mufti has alleged that the prime property is effectively being transferred to an outside firm, questioning the role of the local company included in the consortium. In a post on social media, Mufti alleged that Kashmir’s land and its prime estate were being auctioned off by the National Conference led government, describing Parmesh Construction as a non local firm, and further claimed that the presence of a small, unlisted local company in the arrangement should not be taken as evidence of genuine local ownership, alleging it was merely a front for the actual business interests behind the deal.
Available tender records, however, establish that Parmesh Construction Company Ltd emerged as the successful bidder for the Sangarmall composite development following a government run forward auction. The tender covered three SDA land parcels at Sangarmall, with the development offered through a 99 year Build Own Operate Transfer lease arrangement, a structure commonly used for large scale commercial redevelopment projects on government owned land.
The 45 kanal property ranks among Srinagar’s most strategically located commercial land parcels, lying both behind and in front of the existing Sangarmall complex, close to the Kashmir Golf Course and directly opposite Polo View, placing it firmly at the commercial heart of the city. The auction began on August 25 and continued into the early hours of August 26, with the winning bid of ₹421.75 crore coming in at more than twice the roughly ₹200 crore figure that had been anticipated ahead of the sale.
Corporate records show Parmesh Construction Company Ltd is a non government public unlisted company registered with the Registrar of Companies, Delhi, with its registered business address in East Delhi, while Pahalgam Green Hotels has been described in reports as the consortium’s local member, with Bhutani Infra Ltd identified as the third partner.
The controversy therefore extends beyond the auction price itself, touching on whether the structure of the winning consortium provides meaningful local participation in the development, and whether adequate safeguards exist around one of Srinagar’s most valuable commercial properties. The Sangarmall complex, conceived in 2015 as a major commercial destination, has struggled for years with underuse and closed shops, and the new lease arrangement is intended to finally revive the site, making the question of who ultimately controls its development, and who benefits economically, a matter of significant public interest.
