Reliance MET City Reports 60% Growth In Fiscal Year 2023-24 - Vibes Of India

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Reliance MET City Reports 60% Growth In Fiscal Year 2023-24

| Updated: April 16, 2024 19:50

Model Economic Township Limited (MET City), a 100% subsidiary of Reliance Industries Limited, witnessed a remarkable growth of 60% in the completed fiscal year of 2023-24. The total number of plots booked in the financial year were 1,079 across all segments, resulting in achieving a total booking value of Rs 1,913 crore for the financial year, which is almost 60% higher than the previous financial year.
The industrial segment saw growth in plot bookings by 93%, reaching a booking value of Rs 896 crore in FY24, compared to Rs 468 crore in FY23. Prices also saw an increase of 24% compared to last year.
Residential Segment plots witnessed remarkable growth with 70% increase reaching a booking value of Rs 1,004 crore in FY24, compared to Rs 620 crore in FY23. Price has gone higher by 70% compared to last year, the company said.
MET City also witnessed the groundbreaking of India’s first 100% FDI in defence manufacturing by SAAB of Sweden. The facility will manufacture world class Carl Gustaf Weapon system for Indian armed forces. Apart from signing SAAB, company also signed up key players like Sanko Gosei (Japan), Svam Toyal (Japan), NeoPearl (Switzerland), Shilla C&T(Korea) and Jway (Korea), Indiamo (Belgium), ERDA, Mark Exhaust & Dhoot Transmission (India).
Additionally, Reliance MET City has secured agreements for the establishment of a hospital and a school, further enhancing its offerings and amenities and making it one of the fastest growing integrated business city of India.
MET City added Beumer from Germany as a new company bringing the total number of companies to more than 540 from 10 different countries.
SV Goyal, CEO & WTD of MET City, after declaring the results, said, “With its Plug-n-Play infrastructure, IGBC Platinum rated certification and companies hailing from 10 different countries, MET City has emerged as a premier business destination of India attracting investments from diverse sectors. It is a pioneering project in sustainable development with over Rs 8,000 crore investment already committed.”
As one of the rapidly expanding business hubs in North India, it stands out as a preferred destination for industries across sectors like defence, engineering, electronics, auto components, medical devices FMCG, footwear, plastics, consumer products, and many others. It is also emerging as one of the largest projects for employment generation in India. The consistent growth in employment figures reflects the city’s dynamic role in shaping the economic landscape of the region with more than 40,000 people working in various operational companies at the city.
It stands as the sole Japan Industrial Township (JIT) in Haryana, comprising of 6 Japanese companies from electronics to auto-components to medical devices. The project also has 6 companies from South Korea and multiple companies from Europe.
Company is also dedicated to community development and skill training initiatives. In collaboration with Reliance Foundation, it regularly organises health camps and skill training programs. Additionally, it has established training centres to cultivate a skilled workforce and offer educational coaching to local children. MET City’s ongoing efforts aim to position Jhajjar as one of Haryana’s fastest-growing economic destinations.

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