In May 1997, the Ahmedabad Municipal Corporation launched a Special Purpose Vehicle (SPV) - the Sabarmati Riverfront Development Corporation Limited (SRFDCL) under Section 149(3) of the Indian Companies Act, 1956. The SRFDCL was provided with a seed capital of Rs. 9 crore and entrusted with the responsibility of developing the riverfront on a Build, Maintain, Operate and Transfer (BMOT) basis. The SPV model was used to avoid the delays associated with municipal decision-making. Riverbed land, which was originally held by the Government of Gujarat, was transferred to the AMC. AMC has, in turn, granted development rights to SRFDCL for this reclaimed land.
The project aims to provide Ahmedabad with a meaningful waterfront environment along the banks of the Sabarmati River and to redefine an identity of Ahmedabad around the river. The project looks to reconnect the city with the river and positively transform the neglected aspects of the riverfront.
The objectives of this multidimensional project can be categorised under three topics :
All rights are reserved to Sabarmati Riverfront Development Corporation Limited.