Dubai’s Sobha Group’s Rs 1,000 Cr Contribution to Sabarmati Riverfront Development

Dubai’s Sobha Group’s Rs 1,000 Cr Contribution to Sabarmati Riverfront Development

In an unprecedented move signaling international investment in Indian infrastructural projects, Dubai’s renowned Sobha Group has pledged a whopping Rs 1,000 crore towards the development of the Sabarmati Riverfront in Ahmedabad.

This generous contribution not only highlights the significance of the project but also underscores the deepening economic ties between India and the UAE. Here’s a comprehensive look into this development.

Sobha Group, established in 1976, has its origins in Dubai, UAE, and has grown to become one of the top real estate developers in the region. Under the leadership of its founder, P.N.C. Menon, the group has delivered numerous iconic projects not only in the Middle East but also in India.

The Gujarat government and the Dubai-based Sobha Group have inked a Memorandum of Understanding (MoU) for the development of the third phase of the Sabarmati Riverfront Project.

Bhupendra Patel, the chief minister of Gujarat, was present when the MoU was signed.

PNC Menon, the founder of the Sobha Group, promised to donate Rs 1,000 crore over the following five years to the building of the Sabarmati Riverfront. This donation is in keeping with his prior pledge to contribute half of his personal wealth to organisations that support local communities and promote the overall growth and success of the nation.

In order to transform the Sabarmati Riverfront into a significant urban asset for the city, the Ahmedabad Municipal Corporation (AMC) established the Special Purpose Vehicle (SPV), Sabarmati Riverfront Development Corporation Limited (SRFDCL) in 1997.Three phases make up the project. Promenades developed for walkers, bikers, and access to the lake in Phase 1 are 11.5 km long. At the city level, it is home to a number of public amenities, including beautiful parks and gardens, riverfront pathways, the Atal Bridge, a park dedicated to biodiversity, cutting-edge sports facilities, and an event facility.

The second phase of Riverfront East, authorised in October 2020, would add 5.8 km to the existing 11.5 km.

Phase three of the project would be carried out in partnership with SOBHA Realty Dubai and the Gujarat state government, signifying a shared ambition to provide sustainable, inclusive, and dynamic urban areas that empower people and promote economic growth.

The 4.5 km stretch in phase 3 will be developed artistically on both sides of the riverside, converting a further section of the Sabarmati riverfront.

Known for its commitment to quality, timely deliveries, and innovative designs, Sobha Group’s foray into the Sabarmati Riverfront project is testament to their belief in India’s growth potential.

The Sabarmati Riverfront Development Project is an ambitious initiative undertaken by the Ahmedabad Municipal Corporation (AMC) to rejuvenate the Sabarmati River that runs through the city.

The project aims to transform the riverfront into a vibrant urban space with amenities like parks, promenades, cultural spaces, and public utilities. Since its inception, the project has received numerous accolades and has drawn attention from various international investors and developers.

The substantial investment from a renowned developer like Sobha Group indicates the growing economic partnership between India and the UAE. Such collaborations are expected to pave the way for further investments in various sectors.With the infusion of Rs 1,000 crore, the Sabarmati project will receive a considerable financial boost. This will expedite many under-progress phases of the project and ensure top-notch quality in infrastructural development.

With international players showing interest, projects like the Sabarmati Riverfront Development gain global attention. This not only elevates the profile of the project but also positions Ahmedabad and India as ideal destinations for international investments. The investment is expected to surge the construction activities, leading to job creation in various capacities – from skilled labor to managerial positions.

Dubai’s Sobha Group’s substantial contribution to the Sabarmati Riverfront Development marks a new chapter in India’s infrastructural growth story.

This collaboration is not just about funds; it’s about sharing expertise, global best practices, and a vision for creating world-class urban spaces. As the project progresses with this new investment, it is poised to transform Ahmedabad’s landscape and set a precedent for other cities in India and abroad.