Advance India Projects Ltd (AIPL) has signed a contract with Ireo to invest around Rs 600 crore to complete the stalled 500-acre 'IREO Waterfront' township project in Ludhiana, Punjab. The project was launched in 2010 but got stuck due to financial problems. Over 1,000 homebuyers are waiting for possession of the plots, villas, and independent floors they purchased in the township. AIPL has paid approximately Rs 57 crore to the Government of Punjab and has streamlined payments to LIC Housing Finance Limited, which has resulted in the restoration of project approvals and conveyance deeds.
AIPL, a realty firm based in Gurugram, has announced plans to invest around Rs 600 crore to complete a 500-acre township project in Ludhiana, Punjab. The 'IREO Waterfront' project was launched in 2010 by Ireo group but was stalled due to financial problems. The project has left over 1,000 homebuyers in limbo, who purchased plots, villas, and independent floors in the township.
AIPL has signed a contract with Ireo to complete the project. "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 to reports from ET Realty. He added that project approvals have been restored and conveyance deeds in favour of homebuyers have commenced.
The company has estimated a total investment of over Rs 600 crore to complete the township, which includes residential, commercial, and retail spaces. AIPL has already delivered 60 projects across Delhi-NCR, Punjab, and Rajasthan, including 7 million square feet of office spaces, 3.7 million sq ft of retail spaces, and 320 acres of residential township development.
Gurugram, also known as Gurgaon, is a city located in the National Capital Region (NCR) of Delhi, India. In recent years, the city has experienced rapid urbanization and development, becoming a leading financial and industrial hub. Many Fortune 500 companies have set up their offices in Gurugram, making it one of the top business destinations in India.
The city's proximity to the national capital and well-developed infrastructure have made it an attractive location for investors, leading to a surge in the real estate sector. However, the real estate sector in Gurugram has also faced several challenges, including issues related to delayed projects and disputes between developers and homebuyers.
Moreover, Gurugram has also faced issues related to traffic congestion and pollution, which have affected the city's overall development. The city's rapid urbanization has led to an increase in the number of vehicles on the roads, resulting in severe traffic congestion during peak hours. Additionally, pollution levels in Gurugram have risen, making it one of the most polluted cities in India.
Despite these challenges, Gurugram remains a prominent business destination in India, attracting both domestic and international investors. The city's real estate sector continues to grow, with several new projects being launched in recent years. The government has also taken several initiatives to improve infrastructure and address issues related to traffic congestion and pollution, which are expected to boost the city's development in the long run.
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