Dubai: The Sobha Group founder is committing Dh44 million – or Rs10 billion – for a different sort of development. These funds will go towards the Sabarmati Riverfront makeover project in Gujarat, India, and is in line with P.N.C Menon’s stated plans to set aside 50 per cent of the personal wealth on philanthropy.
The funding will be done over the next 5 years.
“By partnering with the Gujarat state government, Sobha Realty aims to not only preserve the environment and improve the well-being of the people it serves, but also enhance the riverfront's aesthetics,” said Menon.
In May 1997, the Ahmedabad Municipal Corporation had formed a special-purpose vehicle - the Sabarmati Riverfront Development Corporation Ltd. This entity was tasked with turning the riverfront into a ‘major urban asset’ for Ahmedabad.
One of the key features is a two-level, continuous promenade at the water’s edge along each bank of the river. The 11.5-kilometer promenade will be used to host parks, walkways, the ‘Atal Bridge’, a biodiversity park and other public facilities.
The approval for the concept planning and design of Phase 2 was issued in October 2020. This involves a 5.8-kilometer addition to the existing 11.5-kilometer stretch of Riverfront East, up to the Indira bridge, and another 5.2 kilometer to the existing 11.5-kilometer stretch of Riverfront West (up to the Indira bridge).
The Phase 3 would include the collaboration between Sobha Realty Dubai and the Gujarat state government, with a 4.5-kilometer stretch on each side of the riverfront.
