Reliance MET City registers 60% growth in financial year 2023-24

Gurugram, April 16

Model Economic Township Limited (MET City), a 100 per cent subsidiary of Reliance Industries Limited, witnessed a strong growth of 60% in the just-concluded financial year 2023-24.

The total number of plots booked in the financial year was 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, according to a release by the Indian conglomerate.

The industrial segment saw growth in plot bookings by 93%, reaching a booking value of Rs 896 crore in 2023-24, compared to Rs 468 crore in 2022-23.

Prices also saw an increase of 24 per cent compared to last year.

The residential segment plots witnessed remarkable growth with a 70% increase reaching a booking value of Rs 1,004 crore in 2023-24, compared to Rs 620 crore in 2022-23.

Prices have gone higher by 70% compared to last year.

MET City also witnessed the groundbreaking of India’s first cent percent FDI in defence manufacturing by SAAB of Sweden.

The facility will manufacture a world-class Carl Gustaf Weapon system for the 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 and Dhoot Transmission (India), as per the release.

Additionally, Reliance MET City has secured agreements for the establishment of a hospital and a school.

MET City added Beumer from Germany as a new company bringing the total number of companies to more than 540 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,” said SV Goyal, CEO and WTD of MET City.

“With its fundamentals strong and an excellent cross-functional team in place, MET City is seeing tremendous growth year on year and the momentum is likely to continue with more ambitious projects and numbers coming in future,” Goyal added.