MAKEOVER MOVE

Sabarmati's riverfront skyline Corporate offices, hotels, malls and premium residences to come up along the banks of Sabarmati River Of 2.25 million sq metres of space, only 14.5% available for private development across 51 plots Plot auction could collect ~6,000 crore Project draws inspiration from similar riverfront skyline projects in Paris, San Francisco and London Cost estimated at ~2,500 crore. Resettlement of 12,000 families cost ~1,200 crore Developers to be offered varying floor space index for different plots E-auction started on May 5 and will continue till June 5 22 km, 11 km on each side of the river. Of the 2.25 million sq metres of land, only 14.5 per cent, or about 326,730 sq metres, is planned to be sold for private development, allowing development on 12.5 million sq feet for private sector participation.

This, Kumar said, would be used to attract major corporate houses, on the lines of GIFT (Gujarat International Finance Tec-City).

“Corporate houses can have their Gujarat or western headquarters there. Premium hospitality projects can also come up,” Kumar added.

The local body is taking the help of the Confederation of Indian Industry to reach out to the private sector in Mumbai, Delhi, Hyderabad and Bengaluru to attract bids.

The e-auction started on May 5 and will continue till June 5 on SRFDCL’s platform. Once awarded, the winner will have to complete the project within six years.

The AMC has also announced the second phase of the riverfront project, a detailed report of which is being prepared. “Realisation from the existing project will be used to develop the second phase, which will cost around ~500 crore,” Kumar added.