ubai-based international luxury realty developer Sobha Group on Tuesday signed an MoU (Memorandum of Understanding) with Gujarat government for development of the third phase of the Sabarmati Riverfront Project.
The MoU was signed in the presence of Gujarat chief minister Bhupendra Patel.
PNC Menon, founder, Sobha Group, pledged a philanthropic contribution of Rs 1,000 crore over the next five years towards Sabarmati Riverfront development. This contribution is in line with his earlier commitment to donate 50% of his personal wealth to causes that help communities and foster all round development and progress in the country.
Ahmedabad Municipal Corporation (AMC) formed a Special Purpose Vehicle (SPV), Sabarmati Riverfront Development Corporation Limited (SRFDCL) in 1997, with the aim of turning the Riverfront into a major urban asset for the city.
The project has three phases. Phase-1 is 11.5-km long promenades built to serve pedestrians and cyclists and provide access to the water. It hosts a variety of public features at the city level – picturesque parks & gardens, riverside walkways, the Atal Bridge, a biodiversity park, state-of-the-art sports parks, an event centre etc.
Phase-2, approved in October 2020, involves an 5.8-km addition to the existing 11.5-km stretch of Riverfront East.
Phase-3 of the project would be done as a collaboration between SOBHA Realty Dubai and the Gujarat state government, symbolizing a shared vision to create sustainable, inclusive and vibrant urban spaces that uplift communities and foster economic growth.
The 4.5km stretch in phase-3, on each side of the riverfront, would be developed aesthetically, transforming an additional stretch of the Sabarmati riverfront.