Rs 1K crore in 5 yrs: MoU inked for Sabarmati Riverfront development

The state government in Gujarat has inked an MoU (Memorandum of Understanding) with realty firm Sobha Developers for developing 4.5 km of Sabarmati Riverfront under the second phase of the project, an official release stated on Saturday.

The developer will be investing Rs 1,000 crore in the next five years, stated the release.

The riverfront extends up to a length of 11.25 km within the city on either bank. By channelling the river to a constant width of 263 meters, a total of 205 hectares of riverbeds has been reclaimed through the project.

In a release shared by Sobha Developers, the firm has clarified that the Rs 1000 crore for the third phase of the Sabarmati Riverfront project in Ahmedabad was pledged by the company founder PNC Menon in his personal capacity. According to the company the move was in line with his earlier commitment to donate 50% of his personal wealth to causes that help communities.