Sobha Group Founder and Chairman PNC Menon, a leading entrepreneur, visionary and philanthropist, has pledged ₹1,000 crores ($120 million) contribution for the third phase of the Sabarmati Riverfront project in Gujarat state of India.
A memorandum of understanding (MoU) was signed in the presence of Gujarat Chief Minister Bhupendrabhai Patel, solidifying the commitment to transform the riverfront.
Menon’s philanthropic commitment 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 dedication to giving back to the community, said a Sobha Realty statement.
Menon said: “It has been my dream to be a part of a riverfront development project. My philanthropic contribution to the Sabarmati Riverfront Project is a testament towards realising my dream. By partnering with the Gujarat state government, Sobha aims to not only preserve the environment and improve the well-being of the people it serves, but also enhance the riverfront's aesthetics.”
In May 1997, the Ahmedabad Municipal Corporation (AMC) formed a Special Purpose Vehicle (SPV) - the Sabarmati Riverfront Development Corporation Limited (SRFDCL), which 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 promenades serve pedestrians and cyclists and provide access to the water and has a host of public facilities at the city level - picturesque parks and gardens, riverside walkways, the Atal Bridge, the Biodiversity Park, state-of-the-art sports parks, an event centre, etc.
Sabarmati Riverfront Corporation had approved concept planning and design of Phase - 2 of the project in October 2020. This phase involves 5.8 km addition to existing 11.5-km stretch of riverfront to the east, up to the Indira Bridge, and another 5.2 km addition to existing 11.5-km stretch of Riverfront West, up to the Indira Bridge.
The Phase-3 of the riverfront development will be carried out as a collaboration between Sobha Realty Dubai and the Gujarat state government symbolising a shared vision to create sustainable, inclusive, and vibrant urban spaces that uplift communities and foster economic growth. 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. – TradeArabia News Service