water development vs water project

water development and water project both are nouns.

Word	Noun	Adjective	Verb	Adverb
water development	Yes	No	No	No
water project	Yes	No	No	No

As nouns, water development and water project are synonyms defined as:

water development and water project: making an area of water more useful

Other synonyms of water development include water program.

water development (noun)	water project (noun)
making an area of water more useful	making an area of water more useful