Ludhiana: Real estate firm Advance India Projects (AIPL) will invest around Rs 600 crore to complete a 500-acre township project at Ludhiana in Punjab which was earlier launched by the Ireo group, but was stalled due to financial issues.
AIPL has lined up an investment of over Rs 600 crore to complete this township.
The Gurugram-based company had signed a contract with Ireo to complete the project ‘IREO Waterfront’, which was launched in 2010. In July 2021, AIPL took over the township from Ireo group firm and has now rebranded it as ‘AIPL Dream City Ludhiana’.
As per the contract terms, AIPL has obtained the right to complete the sold units and also develop the unsold area in the township, after clearing the dues of GLADA (Greater Ludhiana Area Development Authority) and other debts. Thereafter, project approvals were restored, followed by conveyance deeds registration and so far 80 possessions have been completed.
AIPL is involved in developing real estate projects across Delhi-NCR, Punjab and Rajasthan, with 320 acres of township development completed in the region, and has till date delivered 60 projects, mostly in the commercial segment.
