Poovayya & Co advised Bengaluru based Krishna Priya Estates Private Limited and Micro Labs Limited in successful execution of a joint development agreement with Brigade Enterprises Limited.

The joint development will build around 2 million square feet of residential housing, which is spread over 14 acres, in one of the fast-growing residential hubs of Bengaluru, the project will be designed and executed in state of art quality and sustainability.

This transition was led by Ms Savitha K G, partner heading the real estate Practice Group at Poovayya & Co. along with Ms Swarna Shenoy, Principal Associate and Mr Mohan Krishna, Associate.

The Indian real estate market is growing and so are the complexities and worldliness. The lawyers advised on the entire life cycle of this real estate transaction, from structuring, preparation of transaction documents, negotiation support and successful closer. Savitha is hands on in regularly advising on joint ventures and collaborations in the real estate space, acquisitions and leasing of development land and sale & lease back arrangements.  With a sound knowledge of the local regulatory environment in delivering customised solutions.

Savitha, partner real estate practice said “unlike most other deals, in this transaction the partners were eager on making sure the project is well developed and completed on time. A balanced document emphasizing adherence to RERA and other requirements making sure the project is known for its value and class”.

The 14-acre land parcel is located at Yelahanka in North Bengaluru. A highly sought-after destination for real estate investments, its strategic location, robust infrastructure, and rapid urban development.

It is projected to yield a gross development sales value of about INR 2100 Crores (USD 303million approx..). The transaction marks a union of Micro Labs and Krishna Priya Estates with the Brigade Group – one of the leading real estate property developers in India.