From Despair to Hope: AIPL's Remarkable Revival of Ireo Waterfront Clears Dues of Rs. 70 Crore, Hands Over 100 Units to Owners

NewsVoir
Ludhiana (Punjab) [India], November 7: After the entry of AIPL Housing and Urban Infrastructure Limited (AIPL), the fortunes of Ireo Waterfront, an integrated township project located along Sidhwan Canal Road near South City, Ludhiana began to change. To start with, the new management under AIPL kickstarted the process to clear the outstanding dues of the regulatory authorities such as GLADA and Banks. Consequently, payment of statutory dues to GLADA has also been regularised and an amount of Rs. 70 Crs (approx.) has been deposited. Project loan from Punjab Housing Finance Limited has been fully paid off and repayment of Project loan with LIC Housing Finance Limited has also been regularised.
"The project lying dormant since 2017 has now got a shot in the arm after clearing off these dues. There are more than 1000 customers and possessions have already been handed over to about 100 customers and possession to the balance customers is expected to be handed over shortly," said Hemant Gupta - President (Punjab), Sales - AIPL.
"Post our taking over of the Ireo Waterfront project, the project has experienced a remarkable revival. Property rates are on the rise. We have witnessed a reasonable price appreciation which commensurate to the real estate market in Ludhiana, finally the returns are being delivered to the investors for which they have been waiting for. The transformation from adversity to hope is a testament to AIPL's dedication and vision," Hemant Gupta - President (Punjab), Sales - AIPL added.
"It was not only clearing the financial dues that we did but rejuvenating the lake, repairing the roads, sewage plants, and other social infrastructure that demanded immediate attention. We are now gearing up for a lot more action and activities," he pointed out.
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