PNC Menon pledges philanthropic outlay of INR 1000 crore for Sabarmati Riverfront project, MoU signed with Gujarat Govt.

Dubai, October 3, 2023: In a move towards urban development and community empowerment, the Gujarat state government has joined hands with philanthropist PNC Menon, Founder of Sobha Group, to initiate the third phase of the Sabarmati Riverfront project. A Memorandum of Understanding (MoU) was signed in the presence of Hon’ble Chief Minister of Gujarat Shri. Bhupendrabhai Patel, solidifying their commitment to transform the riverfront. Mr. Menon will be contributing INR 1000 crore to the Sabarmati Riverfront project over the next five years. The philanthropic contribution is in line with his commitment to donate 50% of his personal wealth to social causes and development.

In May 1997, the Ahmedabad Municipal Corporation (AMC) formed the Sabarmati Riverfront Development Corporation Limited (SRFDCL), a Special Purpose Vehicle (SPV) entrusted with the task of enhancing the riverfront's value for the city. A key feature of this project is a two-level, continuous promenade along each bank of the river, extending 11.5 kilometers to serve pedestrians and cyclists. It offers access to the water and hosts various public amenities, including parks, walkways, bridges, biodiversity areas, sports facilities, and an event center.

The concept planning and design of Phase-2 were approved by the Sabarmati Riverfront Corporation Ltd in October 2020. Phase-2 involves extending the existing 11.5 kilometers of Riverfront East and West by 5.8 kilometers and 5.2 kilometers, respectively, up to the Indira bridge.

Phase-3 of the riverfront development will be 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 drive economic growth. This phase will aesthetically transform an additional 4.5-kilometer stretch on each side of the Sabarmati riverfront.