SRINAGAR: A consortium backed by hotelier Mushtaq Ahmad Chaya has emerged as the successful bidder for around 45 kanal of land at Sangarmal in Srinagar, fetching Rs 421.75 crore in an online auction conducted by the Srinagar Development Authority (SDA).
The auction was held online by the SDA for the prime commercial land located at Sangarmal, a major commercial area of the city.
Chaya said he had decided to participate in the auction even before the land was formally put up for bidding.
“When the Srinagar Development Authority decided to put around 45 kanal of land at Sangarmal up for online auction, I had already made up my mind to bid for it,” he said.
He said he was determined to continue bidding regardless of the amount involved.
“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 said.
The consortium eventually emerged as the successful bidder after the completion of the online bidding process.
The auction involved around 45 kanal of land at Sangarmal, one of Srinagar’s prominent commercial locations. (KNS)
