Under flood waters for two weeks, most goods stored in shops have turned to pulp.
Garments, carpets, fabric, woollens, handicrafts or tourism - the recent floods in the state have practically wiped out every business in Srinagar. As the waters recede, the scope of devastation is slowly coming into focus. And chances are it would outstrip by far any government estimate.
As per the government's initial assessment, Kashmir has suffered losses of around Rs 1,00,000 crore.
For the people, the setback is abysmal. Eid is just around the corner and normally, it is time to make huge profits.
The nerve centres of the city's trade - Lal Chowk, Hari Singh High Street, Polo View and Residency road are the worst hit. Instead of the expected grand sale, hundreds of shops around the Residency Road are counting their losses, which have gone into crores. What used to be high-end readymade garments have been reduced to pulp. (Read:
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"Small or big, every business house has been hit. Floods have broken the backbone of the business community. We have to start from zero now," said Manzoor Ahmad, the owner of Wear House in Residency Road.
Fayaz Ahmad Punjabi's shop is in ruins - antique carpets, handicrafts, furniture and paintings stored had been under water for more than two weeks after the floods hit Srinagar on September 7.
"There are huge damages to the tourism and carpet industry. Handicrafts and papier mache items are completely destroyed. India Inc should come forward to help flood-ravaged business community," he said. (Read:
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The intervention by the courts and quick decisions to settle insurance claims have come as a breather for some. Functioning from a temporary building, the high court is settling claims on a war-footing. (Read:
High Court Building Flooded In Srinagar, Rescued From Home At 2 am, Says Chief Justice)
Insurance claims are being decided the way it was done in Uttarakhand after last year's floods. On the basis of the sum insured, businessmen are being given 50% interim compensation before a call is taken on the final amount of compensation.
"We have already issued 10 cheques. Around 40 would be issued today," said Dr SL Khosa, Deputy General Manager, New India Assurance Company Ltd.