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Sobha Group founder pledges ₹10 billion for Sabarmati development in Ahmedabad
An MoU in this regard was signed in the presence of Gujarat Chief Minister Bhupendra Patel
From left: IK Patel, ED — SRFDCL; Jyotsna Hegde, director, Sobha; PNC Menon, founder and chairman, Sobha; Bhupendrabhai Patel, CM Gujarat; K Kailasnathan, chief adviser to CM Gujarat; Raj Kumar, chief secretary Gujarat; Pankaj Joshi, additional chief secretary to CM Gujarat; Ashwini Kumar, principal secretary, Urban Development, and M Thennarasan, MD — SRFDCL, at the signing ceremony. — supplied photo
Realty firm Sobha Group on Tuesday said its founder PNC Menon has pledged ₹10 billion 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.
"Menon's philanthropic commitment of ₹10 billion 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.
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). The 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 11.5km long promenades built serves pedestrians and cyclists and provide access to the water and hosts a variety of public features at the city level - picturesque Parks & Gardens, Riverside Walkways, Atal Bridge, Biodiversity Park, state-of-the-art Sports Parks, Event Centre etc.
Sabarmati Riverfront Corporation Ltd had approved concept planning and design of phase – 2 in October 2020. Phase-2 of Sabarmati Riverfront Project involves 5.8km addition to existing 11.5km stretch of Riverfront East, upto Indira bridge, and another 5.2km addition to existing 11.5km stretch of Riverfront West, upto Indira bridge.
The Phase-3 of the riverfront development 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 thereby transforming an additional stretch of the Sabarmati riverfront. — agencies
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