Mumbai-based Atlanta infrastructure and real estate development has been approved in principle by the Government of Gujarat to establish a fleet of 2 billion$ in a matter of Gujarat.

The Gujarat Industrial Development Board and Gujarat Tourist Board has already cleared the project and the firm state should give a final nod from a few weeks, official sources related to the project told ET.

The development of various components of the proposed four phases. The first phase project will begin in April 2012. The project is spread in 13 square kilometers, leisure and entertainment offered at a bus stop near the city of Surat.

The site identified Suvali Beach, which has a length of 3.3 km along the Arabian Sea coast, is located about 20 km from Surat has five theme parks and amusement park of nature, Water Park, Beach Park, ice skating and ski dome, restaurants, hotels, apartments, villas forest beach villas, lagoon villas and studio apartments and much more.

The initial investment in the theme park will be about $ 2 billion, which includes the cost of land, building facilities, transportation, technology, design and planning. The project cost also includes interest during construction. Market research and financial model is carried out by Ernst & Young. The conceptual plan is done morphogenesis.

The project will be funded by a combination of equity and debt. The fund will be created by the infusion of promoters and debt from financial institutions and deposits received from the franchisor of hotels, advertising, food, places of accommodation, while revenues of villas and apartments.