Sobha’s founder PNC Menon aims to donate 50% of his wealth to help communities and foster all-round development in the country
In a significant move towards sustainable urban development and community empowerment, the Gujarat state government has joined forces with philanthropist and visionary, PNC Menon, Founder & Chairman of Sobha Group, to embark on the third phase of the Sabarmati Riverfront project. A Memorandum of Understanding (MoU) was signed in the presence of the Chief Minister of Gujarat Bhupendrabhai Patel, solidifying their commitment to transform the riverfront. Menon’s philanthropic commitment of Rs 1000 crore over the next five years towards Sabarmati Riverfront development, is in line with his earlier commitment to donate 50% 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.
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. The 11.5 km long promenade by the river is frequented by pedestrians and cyclists and hosts a variety of public features - picturesque parks and gardens, riverside walkways, Atal Bridge, biodiversity park, state-of-the-art sports parks, events centre etc.
Sabarmati Riverfront Corporation Ltd had approved the concept planning and design of phase 2 in October 2020, which involves 5.8 km addition to the existing 11.5 km stretch of the Riverfront East, up to Indira Bridge, and another 5.2 km addition to the existing 11.5 km stretch of Riverfront West, up to the same bridge.
Phase 3 of the development will be done as a collaboration between SOBHA Realty Dubai and the Gujarat state government symbolising a shared vision to create sustainable, inclusive, and vibrant urban spaces that uplift communities and foster economic growth. The 4.5km stretch on phase 3 on each side of the riverfront will be developed aesthetically thereby, transforming an additional stretch of the Sabarmati Riverfront.
