NEW DELHI, May 2 (PTI): Realty firm Advance India Projects Ltd (AIPL) will invest around Rs 600 crore to complete a 500-acre township project at Ludhiana in Punjab that was launched by another real estate developer Ireo group more than a decade ago but got stalled due to financial problems.
The company has signed a contract with Ireo to complete this project ‘IREO Waterfront’, which was launched in 2010. More than 1,000 homebuyers are stuck in this project, who bought plots, villas and independent floors in this township.
In July 2021, AIPL took over the township from Ireo group firm Ireo Waterfront Pvt Ltd. It has now rebranded the township as ‘AIPL Dream City Ludhiana’.
As per the contract, AIPL agreed to clear the dues of GLADA (Greater Ludhiana Area Development Authority) as well as two financial institutions PNB and LICHFL. The company got the right to complete the sold units and also develop the unsold area in the township.
“AIPL stepped in and paid approximately Rs 57 crore till date to GLADA, PNB loan was fully paid, and payments were streamlined to LICHFL, within the scheduled timelines,” said Hemant Gupta, President Punjab, AIPL.
“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,” Gupta said.
AIPL has estimated a total investment of over Rs 600 crore to complete this township.
Gurugram-based AIPL is developing real estate projects across Delhi-NCR, Punjab and Rajasthan. The company has till date delivered 60 projects, majorly commercial.
It has so far completed 7 million square feet of office spaces, 3.7 million sq ft of retail spaces and 320 acres of residential township development across Delhi-NCR, Punjab and Rajasthan.