Parmesh Construction Wins ₹421.75-Crore Sangarmall Land Bid, Iltija Mufti Raises Questions Over Non-Local Firm’s Role
Srinagar, Sep 3, KNT: 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 includes J&K-based Pahalgam Green Hotels and Bhutani Infra Ltd for a bid of ₹421.75 crore.
The development has now triggered a political controversy, with PDP leader Iltija Mufti alleging that the prime property is effectively being transferred to an outside firm and questioning the role of the local company included in the consortium.
In a post on X, Mufti alleged that “Kashmir’s land & its prime estate is being auctioned off” by the NC-led government and claimed that the Sangarmall City Centre property had been handed over to Parmesh Construction, which she described as a “non local firm.”
She further alleged that the presence of a small, unlisted local company in the arrangement should not be taken as evidence of local ownership, claiming it was merely a front to conceal the actual business interests behind the deal.
The available tender records, however, establish that Parmesh Construction Company Ltd emerged as the successful bidder for the Sangarmall composite development after 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.
The 45-kanal property is among Srinagar’s most strategically located commercial land parcels, lying behind and in front of the existing Sangarmall complex, close to Kashmir Golf Course and opposite Polo View.
The auction began on August 25 and continued into the early hours of August 26. The winning bid of ₹421.75 crore was more than twice the roughly ₹200-crore expectation reported before the auction.
Corporate records available publicly 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.
The consortium’s J&K connection comes through Pahalgam Green Hotels, which has been described in reports as the local member of the consortium. Public reporting identifies Bhutani Infra Ltd as the other consortium member.
The controversy therefore goes beyond the auction price itself: whether the structure of the winning consortium gives meaningful local participation in the development, and whether the government has put adequate safeguards around one of Srinagar’s most valuable commercial properties, are questions that merit public scrutiny.
The Sangarmall complex itself has a troubled history. Conceived in 2015 as a major commercial destination, much of the complex remained underused, with shops staying closed and portions of the property falling into disrepair. The new lease arrangement is intended to revive the site through fresh commercial development.
The scale and location of the property make the issue significant for Srinagar: the question is no longer simply who won an auction, but how a major piece of prime public land is ultimately developed, who controls that development, and what economic benefit reaches local businesses and residents. [KNT]
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