The state government has decided to form the Tapi Riverfront Development Corporation, a special purpose vehicle for implementing the Tapi Riverfront development project in Surat, on the lines of the Sabarmati riverfront in Ahmedabad.
Chief Minister Bhupendra Patel has granted in-principle approval to establish Tapi Riverfront Development Corporation Limited with an authorised capital of Rs. 10 crore, the state government said in a release on Friday.
Surat municipal commissioner will be the ex officio representative of the state government on the board of the SPV, and will also be its chairman. The CEO of Surat Urban Development Authority (SUDA) will be SUDA’s representative director on the SPV’s board. The state government will also nominate three of the nine directors.
“The Tapi Riverfront project will add new dimensions to the beautification and development of Surat city,” it said.
The state government will contribute Rs. 5 crore of the SPV’s paid-up capital of Rs. 10 crore, w while the rest will be contributed by the Surat Municipal Corporation.
The first phase of the Tapi riverfront project, spanning 20 km from Rundh to the weir cum causeway at Singanpore, is estimated to cost Rs. 1991 crore. It is noteworthy that the central government has approved SMC’s proposal to approach the World Bank for loan of 70% of the project cost. The second phase of the project will span from the causeway to Gaypagla near Kamrej and is expected to cost around Rs. 1,900 crore.