It is a classic case of a housing project going bust under real estate developer leaving thousands of customers in the lurch and another real estate developer bailing the project like a knight in shining armour. In this case, it was Ireo Waterfront project located in scenic south city area of Ludhiana, that was staring at a total closure in view of the liabilities of the banks, GLADA and aggrieved customers. The knight in shining armour was AIPL Housing and Urban Infrastructure Limited (AIPL) who pitched in and revived the project.
To start with, Ireo Waterfront, an integrated township project near South City, Ludhiana, underwent a substantial transformation under AIPL's management.
The first step was to initiate clearing outstanding dues owed to regulatory bodies such as GLADA and the liabilities due towards Banks. Consequently, statutory dues to GLADA were regularized, with an approximate deposit of Rs. 70 crores till date. The project loan from Punjab Housing Finance Limited has been completely repaid, and the repayment of the project loan with LIC Housing Finance Limited has also been regularized.
3-tier security with Boom Barrier within the township pockets
Hemant Gupta, President (Punjab), Sales – AIPL, conveying the positive developments at Ireo Waterfront, said, "Since AIPL's involvement, the project has experienced a significant revival. Property rates have seen appreciable growth, aligning with Ludhiana's real estate market, and investors are positive of reaping returns in the future."
Hemant Gupta emphasized the dedication and vision of AIPL as instrumental in transforming challenges into opportunities. "Beyond financial considerations, AIPL prioritized the rejuvenation of the lake, road repairs, sewage plants, other critical social infrastructure and over all development of the project. Having successfully addressed these aspects, we are gearing up for more proactive actions and engaging activities," he added.
For more information about AIPL, please visit http://www.aipl.com.
