Srinagar, Mar 11 (KNO): The Jammu and Kashmir Government has initiated the process for the auction of Centaur Hotel in Srinagar, with an expected annual revenue of Rs 44 crore, which is 60 percent higher than the reserve price.
According to the official documents accessed by the news agency—Kashmir News Observer (KNO) the planned auction is a part of the government’s broader strategy to monetize public assets for better efficiency, improved services, and higher revenue generation.
The documents reveal that the historic Centaur Hotel, located along the banks of Dal Lake, is among the prime properties identified for redevelopment under this initiative.
It further mentions that other key properties, including Tattoo Ground in Srinagar and Pahalgam Club, are being considered for similar monetization and redevelopment models.
“The auction comes at a time when J&K continues to face financial challenges, with the Economic Survey 2025 highlighting the region’s heavy reliance on Central Government support, which contributes 70 percent of its revenue receipts,” the document reads, as per KNO.
Meanwhile, it also states that the government is preparing for the auction of the Lithium mine block in Salal, Reasi, covering 317 hectares, which is expected to generate Rs 100 crore annually—(KNO)