On September 11, the memorandum of cooperation was signed between Tbilisi Municipality and the development company “m² Real Estate”.

Within the framework of the said document, the parties expressed their readiness, within their competence, to support the fulfillment of the obligations to the population affected by the construction company “Sveti” through completing the unfinished construction.

For the purpose of completing the construction, m² will take over the three suspended projects of “Sveti” located in Tbilisi (Mirtskhulava street # 9-11, Nutsubidze Street # 125a, Chkondideli street # 22).

All three projects currently comprise 30 residential blocks. Up to 2,500 residents expect their apartments in the mentioned complexes. Multilateral negotiations initiated by the Tbilisi City Hall and m² have already been completed and the contracts with “Sveti” companies and landowners have been concluded.

The investment cost of the project amounts to GEL 250 000 000 and is fully funded by m². BK Construction, the construction company of m² with 26 years of experience, will carry out the construction and engineering direction of the facilities.

m² is ready to commence the construction works as soon as all the prerequisites stipulated in the contract with "Sveti" are fulfilled. In particular, the construction will begin as soon as the project agreement and the construction permits are obtained. The construction will be completed within three years from obtaining the permits.

“The issue of about 2500 affected families has been resolved. On behalf of these families, I would like to thank, first of all, the initiative group, I would like to thank the construction company m², many thanks to the Prosecutor's Office, the Ministry of Finance, the Financial Police. This is a striking example of how a joint work of the state agencies and engaging people can solve the problem that afflicts these 2,500 families. Many thanks to everyone, and first of all, thank you because you were those people who worked with us on a daily basis and if not for you, believe me, that it would not be possible to resolve the problem”, - Tbilisi Mayor said.

“This is a very important project for us because we realize that we have taken great responsibility before the public and the city. We got involved in this project by the initiative of Tbilisi City Hall and we are grateful for this confidence. As you know, there have been intense negotiations for months with all parties involved, and as you can see, the result has come. It is noteworthy that such practices are unprecedented in the history of this country and we are glad that with our help the families that have been waiting for years will get their own apartment”, - said Shota Berekashvili, managing partner of m².