Ahmedabad: For Olympics run, special purpose vehicle with 4,000 crore fuel | Ahmedabad News – NN NEWS

Ahmedabad: For Olympics run, special purpose vehicle with 4,000 crore fuel | Ahmedabad News – NN NEWS

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AHMEDABAD: To transport its ambition to host the 2036 Olympics in Ahmedabad into the realm of preparedness, the state government will form a special purpose vehicle (SPV) to execute the Sardar Vallabhbhai Patel Sports Enclave at Motera. The Rs 4,118 crore project includes a games village. Moreover, the Rs 458 crore Naranpura sports complex falls under the overarching sports infrastructure initiative.

The state government resolved to form the SPV even before Ahmedabad Urban Development Authority (Auda) could finalize a consultant for the project. A Gujarat government proposal which was sent to the Union ministry of youth affairs and sports for this SPV hopes for a generous GOI funding. “The Gujarat and central government share can be 30%-70% or 50% each,” an official aware of the development said.
‘An SPV likely in about month’
A senior Auda official said, “An SPV will be announced within a month or so after the statecentral finance-sharing model is decided.” He added, “The Sports Authority of India and the Auda will be the nodal authorities.”
The official said, “We are also exploring the possibility of attracting Rs 1,100 crore in private investments.”
Apart from sports infrastructure, realty will also get a boost. More than 3,000 apartments, with two to four bedrooms, will be built for the athletes at the games village. These apartments will be sold to people after the Olympics are over and the estimated 12,500 guests from all around the world leave. “The apartments will have the view of the riverfront lined with hotels, retail outlets, and entertainment spaces,” the Auda official said. “The apartments will be among the best liveable spaces in the city.”
The government can earn from its investments through the sales of the apartments and retail outlets in the hospitality district, the official said.
In the games village, including the sports enclave, parking space will be available for 7,500 cars and 15,000 two-wheelers.

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