Construction of residential building suspended for 12 years to resume in Tbilisi
Tbilisi Mayor said that due to 'a number of problems', Olympic Star was unable to complete the construction of the residential building '10-12 years ago'. Photo: Tbilisi City Hall.
Tweet 
Share
Georgian real estate developer m2 will complete the construction of a residential building in Saburtalo district of capital city of Tbilisi after about 12 years of suspended construction by construction company Olympic Star, announces Tbilisi Mayor Kakha Kaladze.
Kaladze said that due to 'a number of problems', Olympic Star was unable to complete the construction of the residential building '10-12 years ago'.
Today I can tell you that construction of this building will be completed and about 400 families will have apartments", said Kaladze.
Kaladze said that 'we have implemented a similar project' for the families affected by the company Sveti. Tbilisi City Hall agreed to a deal with M2 to finish 30 suspended residential buildings last year.
- Tbilisi City Hall agrees deal with development company to finish suspended 30 residential blocks
- Heads of construction company Sveti arrested for fraud
Kaladze said that there are more than 170 unfinished buildings in Tbilisi, which is 'a serious problem both visually for the city and also has a lot of affected families'.
He said that the next task for Tbilisi City Hall is to help about 6,500 families who have not received apartments in the building that Center Point development company was supposed to build.
About 2,500 families affected by ongoing projects of the development company Sveti will receive apartments, announced Tbilisi Mayor Kakha Kaladze today.
A total of 51 construction companies including some of the major players on the Georgian market such as Axis, Domusi and Balavari are not following safety rules during construction, announces the Georgian Ministry of Health.
Tbilisi City Hall has drafted a bill and sent it to parliament earlier today which makes several construction violations a criminal offence, which are currently only considered administrative violations. The violations which might become a criminal offence include violations in height parameters, illegal construction works, ignoring an official demand to suspend construction and several others.
The heads of the construction-developer company Sveti have been arrested today on charges of fraud, misappropriation of funds and abuse of authority, announces the Investigation Service of the Ministry of Finance of Georgia.
Georgian company Krtsanisi Villa Residence is investing $200 million to continue the development of the modern residential district on Krtsanisi Street in the capital city of Tbilisi, Krtsanisi Villa Residence.
The Asian Development Bank (ADB) and local company Optima have signed a $10 million loan to develop affordable and sustainable residential housing developments in the Georgian capital city of Tbilisi, announces the ADB. The loan will finance two residential complexes, providing over 3,700 affordable and energy-efficient apartments for people on low-to middle-incomes.