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AIPL to invest Rs 600 cr to complete 500-acre stalled township
09 May 2023 CW Team
Advance India Projects (AIPL) will invest approximately Rs 600 crore to complete a 500-acre township project in Ludhiana, Punjab, that was launched more than a decade ago but was stalled due to financial issues.
The company has signed an agreement with Ireo to complete the 'IREO Waterfront' project, which was launched in 2010. More than 1,000 homebuyers who purchased plots, villas, and independent floors in this township are stuck in this project. AIPL purchased the township from Ireo group firm Ireo Waterfront in July 2021. The township has been renamed 'AIPL Dream City Ludhiana'.
According to the contract, AIPL agreed to pay GLADA (Greater Ludhiana Area Development Authority) and two financial institutions, PNB and LICHFL. The company was granted the right to complete the sold units as well as develop the township's unsold area.
"AIPL stepped in and paid approximately Rs 57 crore to GLADA to date," said Hemant Gupta, President Punjab, AIPL. "The PNB loan was fully paid, and payments to LICHFL were streamlined within the scheduled timelines."
"As a result, project approvals were restored, conveyance deeds in favor of home buyers were initiated, with many conveyance deeds already registered with the sub-registrar, Ludhiana, and 80 possessions completed," Gupta said. AIPL estimates a total investment of more than Rs 600 crore to complete this township.
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