water project vs water development

water project and water development both are nouns.

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

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

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

Other synonyms of water project include water program.

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