Almost a month ahead of the Vibrant summit, the Sabarmati Riverfront Development Corporation is preparing a proposal for erecting a giant observation wheel, like the London Eye, on the Sabarmati Riverfront. The proposed wheel will be 150 metres tall -thrice the size of the London wheel -and has been called the Charkha Wheel, adopting Mahatma Gandhi's spin wheel. It is proposed to be set up on the western riverfront. The net investment in the observation wheel is pegged at $268 million, which is the costliest among the five observation wheels in the world. The Dubai wheel which is 250 metres tall and was commissioned last December had cost about $250 million. Once erected the ticket price of the observation wheel will be Rs.675 per head.
The proposal mentions a land area of 9,847 square metres on the riverfront, which will include the Charkha Wheel, the safety regions around the wheel, foundation support for the wheel, two-level underground parking, shops, restaurants, banquet area and queuing space. One interested firm had proposed to pay SRFDCL Rs.2.5 crore per annum which would be 3.5% of its total profit, claims the proposal. The firm claims that the project will break even 11 years after its completion. This firm had evaluated the current market price of SRFDCL to be Rs.1.06 lakh per square metre. The rent proposed to SRFDCL was Rs.3,180 per square metre, which boils down to an annual rent of Rs.3.13 crore.
The project has even estimated that it will get 0.4 million visitors in the first year after completion of the project. Each observation cabin will weigh 20 tonnes and can seat 25 individuals. There will be 25 observation cabins in the entire wheel and it will be controlled with giant-sized machines.
The proposal mentions a land area of 9,847 square metres on the riverfront, which will include the Charkha Wheel, the safety regions around the wheel, foundation support for the wheel, two-level underground parking, shops, restaurants, banquet area and queuing space. One interested firm had proposed to pay SRFDCL Rs.2.5 crore per annum which would be 3.5% of its total profit, claims the proposal. The firm claims that the project will break even 11 years after its completion. This firm had evaluated the current market price of SRFDCL to be Rs.1.06 lakh per square metre. The rent proposed to SRFDCL was Rs.3,180 per square metre, which boils down to an annual rent of Rs.3.13 crore.
The project has even estimated that it will get 0.4 million visitors in the first year after completion of the project. Each observation cabin will weigh 20 tonnes and can seat 25 individuals. There will be 25 observation cabins in the entire wheel and it will be controlled with giant-sized machines.
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