Reliance's MET City achieves 60% growth in FY23-24

In fiscal year of 2023-24, Model Economic Township Limited (MET City), a subsidiary of Reliance Industries Limited, has witnessed a growth of 60 per cent compared to the previous fiscal year. The surge in growth is attributed to the booking of 1,079 plots across all segments, resulting in a total booking value of Rs 1,913 crore.

Breaking down the impressive performance, the industrial segment experienced a substantial uptick, with plot bookings soaring by 93 per cent and reaching a booking value of Rs 896 crore in FY24. Similarly, the residential segment witnessed a 70 per cent increase in plot bookings, reaching a booking value of Rs 1,004 crore. These figures reflect a boost in both demand and pricing, with prices escalating by 24 per cent and 70 per cent in the industrial and residential segments, respectively.

MET City further solidified its position as a thriving business hub with groundbreaking initiatives such as India’s first 100 per cent FDI in defence manufacturing by SAAB of Sweden. The facility will manufacture the Carl Gustaf Weapon system for the Indian armed forces, signalling a major milestone in India's defence sector. Additionally, strategic partnerships with key players from Japan, Korea, Europe, and India reflect MET City's commitment to fostering international collaborations and technological advancements.

Moreover, MET City has expanded its offerings by securing agreements for the establishment of a hospital and a school, enhancing the city's amenities and infrastructure. The addition of Beumer from Germany further enriches the diverse ecosystem of over 540 companies from 10 different countries, the company said in a press release.

As a rapidly expanding business hub in North India, MET City has emerged as a preferred destination across sectors such as defence, engineering, electronics, and FMCG. With over 40,000 people employed in various operational companies within the city, MET City is contributing significantly to employment generation and economic development in the region.

MET City's ongoing efforts aim to position Jhajjar as one of Haryana's fastest-growing economic destinations, solidifying its reputation as a premier business hub and a beacon of excellence in integrated urban development.