Ahmedabad: A massive entertainment complex planned on the eastern riverside is stuck in the slow lane for nearly a year, despite being fast-tracked. The Sabarmati Riverfront Development Corporation Limited (SRFDCL) rushed through approval for the glitzy ‘Entertainment Hub‘ on a sprawling 45,600sq m plot in early March 2024, just days before election code of conduct rules would have blocked the process.
But despite getting possession of the land 11 months ago, Imagica World Entertainment Ltd hasn’t laid a single brick. Also, construction plans are yet to be submitted for approval. Insiders reveal the company has been locked in talks with SRFDCL, pushing for a bigger built-up area and demanding changes to the road layout that connects Atal Bridge to the riverfront. “Meetings have been on for 11 months. There is pressure to increase the built-up area and remove or alter a road connecting Atal Bridge to the Sabarmati Riverfront,” revealed a senior AMC official. He added, “In a rush, SRFDCL had convened a board meeting on March 6, 2024, approving a single tender for establishing the hub valued at Rs 1,150 crore, for an annual lease of Rs 45.60 lakh.”
The private company was granted a seven-year property tax exemption. Joint ventures with other foreign companies were also approved. The ‘Entertainment Hub’ would be established after an investment of Rs 130 crore by the company, with SRFDCL deciding on only 12.2% revenue share.
This month, SRFDCL officials and Imagica representatives met again. An AMC official requesting anonymity said, “Our meeting was successful, and almost all issues have been resolved. The project will move forward without any hindrances.”
Sources reveal that on Nov 27, 2023, SRFDCL issued an RFP tender to lease the 45,600 sq m on the eastern part of the riverfront for entertainment purposes, with an annual rent set at Rs 45.60 lakh. The proposal submission deadline was extended, and amendments made to the tender, allowing companies to submit various queries by Dec 30, 2023. Only Imagica submitted a proposal, with no interest shown by foreign companies. After a month of deliberation, the municipal commissioner cancelled the single bid.
Its worth recalling that on Feb 21, 2024, SRFDCL reissued the tender and opened bids on March 4, 2024. Imagica was the sole company to submit a proposal, and the single tender was approved. “The question arises as to why Imagica did not raise any issues regarding increasing the built-up area or altering the road alignment during the pre-bid meeting. Any such changes would violate the RFP conditions, potentially benefiting the company unfairly and causing financial loss to SRFDCL,” added the AMC official.