Record-breaking bid: Liquor shop in Qazigund Kashmir sold for Rs 5.23 Cr

Srinagar, Feb 29 (KF):  The Jammu Kashmir admin achieved unprecedented success in its recent auction of liquor shops, with revenues soaring to a record Rs 2280 crore in fiscal year 2024.

This admin state’s revamped excise policy implemented three years ago to streamline wine shop auctions and boost revenue generation through alcohol.

The auction saw fierce bidding wars, leading to the sale of a liquor shop in Qazigund, Kashmir, for Rs 5.23 crore, setting a new record for the region,  report said.

Similarly, a shop in Ramnagar, Udhampur, fetched Rs 3.41 crore.

“The overwhelming response to the auction demonstrates market buoyancy and revenue potential,” said an official, emphasizing the commitment to fostering a conducive business environment and ensuring transparency in the process.

The success story is further underscored by steady excise revenue growth over the years: Rs 1320 crore in 2020, Rs 1353 crore in 2021, Rs 1777 crore in 2022, and Rs 1796 crore in 2023, culminating in the historic milestone of Rs 2280 crore in 2024.

Looking ahead, officials anticipate continued financial growth, with 38 liquor shops yet to be auctioned.

“We remain optimistic about revenue prospects. With prudent policies, we aim to maximize revenue streams and contribute to Jammu Kashmir’s socio-economic development,” government sources said.