AIPL Continuing on Its Path of Developing Ludhiana’s Skyline, Bringing Happiness to Their Residents, Investors and Stakeholders

By 121 News

Ludhiana, Nov.06, 2023:-Continuing its commitment towards development of Ludhiana and bringing happiness to the residents, investors and stakeholders, AIPL  (Advance India Projects Limited) has cleared majority of the dues of GLADA since taking over the hitherto defunct Ireo Waterfront Project. In addition AIPL has also cleared liabilities of banks and other institutions related to the project.

In a letter sent to GLADA, AIPL has also outlined the colossal steps that have been undertaken since July 2021 for development and maintenance of the said Project which has resulted into handover of units to customers and execution of conveyance Deeds which were earlier stalled.

The letter further states that in the entire correspondence with various customers, Residents Welfare Association and regulatory authorities including GLADA, AIPL has always represented itself to be the General Power of Attorney holder/Asset Manager of Ireo Waterfront Private Limited/. Even pursuant to the application filed by AIPL, RERA has taken on record AIPL as Co-Promoter of the said Project. ``At no point in time any misrepresentation with respect to our status and relationship with the Said Project has been done to any of our residents, existing and future customers, and various regulatory authorities,'' states the letter.

AIPL Group is a reputed name in the Real Estate industry having successfully delivered many Commercial and Residential Projects over the past four decades. Since taking over the project in Ludhiana, AIPL has achieved the following:

Out of the overall pendency towards GLADA of more than INR 100 Cr an amount of INR 70 Cr approximately has been paid and the balance amount will be paid as per the payment plan agreed with GLADA.

Ireo had taken a loan from PNB Housing Finance Limited for development of the Project. The entire loan amount has been repaid by AIPL

Ireo had taken another loan from LIC Housing Finance Limited for the development of the Project. The repayment schedule has been worked upon and around 50% of the loan amount has been repaid by AIPL and the balance is being paid as per the agreed payment plan.

After taking over the Project and settlement of above issues, possession of more than 100 units which include Plots/Villas have been handed to customers.

AIPL takes very good care of the overall development of the Project. The lake, Roads, common areas which were not in good shape at the time of take-over are now properly maintained. Roads, Parks, Sewerage etc. related services are now properly maintained.

With the overall development and management by AIPL, the property rates in and around the Project are also positive. Customers who have invested in the Project are now getting very good return on their investment.

AIPL strives to bring colour to the generally drab skyline of Ludhiana by regular plantation drives in the township. The township flourishes with beautiful gardens, fruit trees, herbal trees like neem, peepal etc.

In addition to all the above, AIPL is also committed towards corporate social responsibility. Regular langar sewa is carried out for all employees at the site.

Spread over 500 acres AIPL's township has been envisioned as a ground-breaking development embedded with smart technology and sustainable practices. A city with a soul that integrates homes, shopping spaces, hospitals and dispensaries, schools, parks, bike lanes, sports and recreation to enliven and enrich citizens' lives and create a cleaner, greener and dynamic city. It's where tomorrow shines.