Ludhiana, India – AIPL Housing and Urban Infrastructure Limited, a subsidiary of Advance India Projects Limited (AIPL), has stepped in to help the home buyers and complete Ludhiana’s major real estate project, “Ireo Waterfront.”
AIPL has already made a significant investment to realign the project’s progress and has projected a total investment of approximately Rs 600 plus crore to complete the remaining project. This has brought relief to the home buyers who are already residing in the project, as well as those who are waiting to get possession of their house.
The project which was launched in 2010 and spans over 500 acres encountered numerous issues a few years after its launch due to difficulties faced by its former developer, Ireo Waterfront Private Limited. The project was brought to a halt, leaving many home buyers in a precarious situation. The home buyers endured several years of uncertainty with no clear indication of a resolution. However, in July 2021, AIPL, headquartered in Delhi, took over the township and rebranded it as “AIPL Dream City Ludhiana,” subsequently resuming development and construction activities.
At the time when AIPL stepped in, the project was in a dire state and there were too many challenges that had to be overcome. There were various issues including with GLADA who had put a stop to sale deeds due to pending dues of more than Rs 80 crores. PNB had initiated SARFAESI proceedings to recover their pending loan dues of above Rs 30 crore. LICHFL had initiated proceedings in NCLT to recover their pending loan dues of Rs 80 crore and above to name a few. These financial challenges had left the project in a state of financial distress.
Furthermore, there were expired project-wise approvals, legal cases from buyers who hadn’t received possession of their units or registries, incomplete infrastructure, lack of new construction, and poor upkeep of basic facilities. All these factors contributed to a bleak situation, and the township struggled to attract buyers for unsold inventory.
“AIPL stepped in and has paid about Rs 57 crore till date to GLADA, PNB loan was fully paid, and payments were streamlined to LICHFL, within the scheduled timelines. As a result, project approvals were restored, conveyance deeds in favour of home buyers commenced, with many conveyance deeds are already registered with the Sub- registrar, Ludhiana and 80 possessions being completed,” said the Hemant Gupta, President sales Punjab.
Clearance of the financial dues and settlement of the legal cases helped in restoring home buyer’s trust in the project.
“This has led to improvement in the customer sentiments, leading to increased sales, with over 120 families currently residing in the township, and construction underway for 40+ houses and 20+ floors. The infrastructure has also improved immensely, roadwork nearly completed, a new gate plaza, development of new parks, and the refurbishment of the lake area,” said Mr Daljeet Singh, Executive Director, AIPL.
“We believe that these are only some of our contributions since we have taken over. Our vision is to make this township, the best in India. Hence, we have been working diligently and tirelessly to add more vibrancy to the township’s works and character. The best is yet to come!” added Mr Singh.