AIPL Zen Residences, Sector 70A, Gurgaon

By AIPL Group, Gurgaon

Review Feedback Reputation Track Record of Advance India Projects Limited (AIPL) Developer in Gurgaon.

I am extremely disappointed with my investment in Advance India Projects Limited (AIPL). Almost every shop owner in AIPL's projects is stuck with their investments, with none able to get returns as promised. AIPL has failed to lease the properties as committed at the time of sale, and the investors have not received the assured returns. AIPL claimed they were undergoing financial distress and stopped the assured returns, which were supposed to be adjusted in the final demand letters. However, this adjustment has not been done as promised.

AIPL has denied giving physical possession to the property owners and has taken the leasing rights from them, leasing the shops at below market rates or on a revenue-sharing model. The fit-out period committed for three months is not being honored, with interior work of a restaurant taking about 12 months or more. Additionally, the rent collected from tenants is not being passed on to the property owners, and the security deposit paid by the tenants is also not being returned to the property owners.

The builder has formed a fake society, AIPL Joy Street Management Society, and is running the maintenance work at double the prevailing market rates, increasing the common area charges from Rs 7 per square foot to Rs 16 per square foot. They sold Bridgestreet studio apartments at a premium price of Rs 2000 per square foot, but Bridgestreet has declined to commence operations, leaving the studio apartments incomplete. Despite this, the developer is not returning the Rs 2000 per square foot premium back to the investors.

Water connection has not been provided to the shop owners despite water connection charges being paid in full, and on demanding water connection, they ask for an additional 2-3 lakh for water inlet. All these issues are not being addressed by the developers. The customer service, including their higher management, is completely dormant and not responding to property owners at all. Many AIPL investors have been forced to file legal cases in RERA, NCDRC (consumer court), and other courts to seek justice.

In conclusion, AIPL has failed to fulfill its commitments, leaving investors in a dire situation with no returns and incomplete projects. I would strongly advise against investing in any of AIPL’s projects based on my experience.

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Respected readers

I had a very bad experience and eventually a RERA court case against Advance India Projects Ltd. (AIPL) for its project JOY CENTRAL Gurgaon

I had signed and stamped builder buyer agreement. AIPL has defaulted its signed BBA and stopped assured returns and fraudulently charged money without completion of milestone.

I do not recommended anyone to buy any project of AIPL builder also the existing customers -:DO NOT PAY ADVANCE MONEY IN THE NAME OF ASSURED RETURNS....AIPL WILL STOP PAYING AFTER SOMETIME....

VERY BAD EXPERIENCE.....

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Someone in our group faced a shocking experience that the builder declined the cash receipt after 2 years to pressurise the investor to sign a below market rental value agreement. There are many such live examples where the AIPL has defaults and trust was breached. So think before you invest with AIPL, dealers will lure you and impress you by showing their fancy offices. Stay away to savE your hard earned money....

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AIPL tops the list in fraud company, Saurabh Shankar is a bad name in real estate, no dealer wants to work with him, all his team members have left the company. All frauds are led by Shankar Saurabh as he makes a lot of money without promoters knowledge. He has siphoned off a lot of money from investors, don't deal with anyone in his team. I worked with their underwriter, they all made a lot of money and director of AIPL.wasnt aware of it, later came to know when customer complaint, that the cash amount didn't reach the company. Beware of dealers, brokers who will impress you by showing their office. All that glitters isn't gold, search for legal cases of AIPL, peaceful homes buyers pathetic situation.

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Have experienced personally and heard similar episodes from existing investors that AIPL doesn't keep promises, sales commitment are high and delivery is zero. Broker promote AIPL because they get 15% brokerage.

AIPL doesnt pay commitment charges called Assured Returns. Its a pongy scheme, beware of attractive offers.

AIPL doesnt care for investors money, leela leasing rights gives away on low rental values to cheap brands

Declines cash payment made to them, I know someone whos cash payment made 3 years back was cancelled and a fresh demand note was sent. This is a breach of trust, you should never have faith in AIPL.

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Not having good experience with AIPL, they defaulted AR-assured return, units of Joy street handed over in Jan 2021 and Assured return stopped. Assured return is the amount builder agrees to pay on advance money paid to builder before the start of project. so they collected rest of the payment on 2021. Pressured to sign conveyance deed which is in their favour, kept leasing rights with them and you wont get physical possession of your unit ever, so in a way even you paid money to buy their shops it is not yours as you have not given physical possession, Now from 2021 to 2023 now ending they are not able to lease the units and not paying assured return too. Now they units which are leased are getting very less rental 70 percent less than market price. even they are not getting regular rental income. In a way builder has benefitted from all sides and their channel partners made hefty commission by cheating people like us who have trusted AIPL.

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We bought shop in AIPL Joy Street, Builder is leasing the property almost free of cost to the brands. Our capital value has gone down as no on buys the property on undermarket rentals. On revenue sharing model some of the owners aren't getting even 10, 000 per month for a shop worth 4 CR

Customer Service is pathetic, they don't respond on emails and mobiles at all however at the time of sale they are very proactive. So beware of investment with AIPL. Meet existing property owners, take feedback from old investors, ignore the picture shown by brokers as they are positive because they get hefty commission on sale.

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AIPL Joy District is yet another project that raises concerns due to unfulfilled promises and commitments. Prospective investors should be vigilant and ensure that for any freehold property, physical possession and leasing rights are secured with you. It’s crucial to avoid schemes offering "Assured Returns, " as these are often subject to changes in terms and may not be honored, leaving investors at a loss.

One of the most pressing issues is the ulterior motive behind leasing rights, where leases are done on a revenue-sharing basis with no rental guarantee. Moreover, obtaining an occupation certificate often signals the end of assured returns, and these malls may remain vacant for years. The maintenance charges, which can be as high as Rs 18 per square foot for non-air-conditioned malls, are a stark contrast to the "low maintenance" promises made during sales pitches.

Before making any investment, it's wise to read online reviews, check ongoing legal cases on RERA and Consumer Courts, and speak to existing property owners. Be cautious, especially with cash transactions, and ensure everything is documented. Remember, being classified as a "consumer" in your purchase can offer more protection, as AIPL tends to challenge the eligibility of investors in consumer courts.

Do your due diligence before investing your hard-earned money.

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Aipl is a fraud company, I feel cheated after investing in this company. I have invested all my savings & retirement funds in this company with the assurance from the company that I will be getting regular MLCs . But they have stopped paying any payment inspite of written commitments.I will not advise any one to invest in this company. They are not in position to register the unit in my name even after taking full & final payment since last one year.

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AIPL is not a transparent group, This means they will frustrate you once you purchase an unit from them. Avoid. They and their channel partner will tell you that there is leasing guarantee and you will get 9 to 10% per Annum but to be honest it is not even 2.5 percent, I have a unit in AIPL, I have attached a screenshot of leasing agreement. During time of possession you will have to bear their high amount of hidden charges.

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Horrible experience poor customer service bad attitude towards investors.

They have kept my money for project not even launched and they are not paying the committed assured returns also .

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AIPL Joy Street promises to emerge as a happening shopping and hangout destination for the residents of Golf Course Extension Road and Sohna Road. Location of the project is very strategic and the neighborhood of the mall is already nicely inhabited by more than 10K families within a radius of 1 Km. The mall boasts of very upmarket design and visibility. The builder has already signed leases with some very good brands(e.g. Spencer, Crocs) and therefore, footfall is not going to be an issue at all. The mall also has very good hangout zone and a small amphitheater for organizing events for youngsters. Being the first major retail project by the builder, he is doing everything possible to make this project successful.

Overall a very good prospect.

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