Sobha Group founder pledges Rs 1,000 cr for Sabarmati development in Guj

Realty firm Sobha Group on Tuesday said its founder PNC Menon has pledged Rs 1,000 crore as philanthropic contribution towards development of Sabarmati Riverfront in Ahmedabad, Gujarat.

A Memorandum of Understanding (MoU) in this regard was signed in the presence of Gujarat Chief Minister Bhupendra Patel, according to a statement on Tuesday.

"Menon's philanthropic commitment of Rs 1,000 crore over the next five years towards Sabarmati Riverfront development, is in line with his earlier commitment to donate 50 per cent of his personal wealth to causes that help communities and foster all round development and progress in the country, reflecting his continued and unwavering dedication to giving back to the community," the statement said.

In May 1997, the Ahmedabad Municipal Corporation (AMC) formed a Special Purpose Vehicle (SPV)- Sabarmati Riverfront Development Corporation Ltd (SRFDCL). SRFDCL was entrusted with the responsibility of turning the riverfront into a major urban asset for the city.

One of the key features of this project is a two-level, continuous promenade at the water's edge along each bank of the river. The 11.5 km-long promenade serves pedestrians and cyclists and provides access to the water and hosts a variety of public features at the city level -- picturesque parks & gardens, riverside walkways, Atal Bridge, biodiversity park, sports parks and event centre etc.

The corporation had approved concept planning and design of Phase-2 in October 2020. Phase-2 of Sabarmati Riverfront Project involves 5.8 kilometre addition to existing 11.5 km stretch of Riverfront East, upto Indira bridge, and another 5.2 km addition to existing 11.5 km stretch of Riverfront West, up to Indira bridge.

The Phase-3 of the riverfront development would be done as a collaboration between SOBHA Realty Dubai and the state government, the statement said.

The 4.5 km-stretch in Phase-3, on each side of the riverfront, would be developed aesthetically thereby transforming an additional stretch of the Sabarmati riverfront.