Prestige Estates Projects Limited has successfully entered into a joint development agreement (JDA) with Ashok Solomon, Chintels India, and associated landowning entities for a major residential project situated in Sector 109, Gurgaon. The esteemed legal advisory firm, CMS IndusLaw, played a pivotal role in advising the Prestige Group on various facets of the transaction, including drafting, structuring, negotiation, and the execution of the JDA.
The transaction was characterized by the intricate acquisition of development rights in accordance with the Department of Town and Country Planning (DTCP) framework and other relevant local legislation. The legal mandate required thorough title due diligence, as well as the preparation and negotiation of the JDA and additional ancillary documents. These documents were meticulously crafted to mitigate title and regulatory risks, ensuring the developer’s rights under the JDA were protected and the commercial interests of the parties were safeguarded.
The legal team spearheading this transaction was led by Kshitij Bishnoi and Gautam Kumar Bhargava, both Partners at CMS IndusLaw. They were ably supported by Senior Associates Yogendar and Sourav Sharma, alongside Associate Kartik Madaan. Their collective expertise ensured a comprehensive approach towards securing the development rights and preserving operational control over the project.
The residential project is poised to generate around 2.8 million square feet of saleable area, spanning across a land parcel of approximately 17.1375 acres. The development is projected to unlock an impressive Gross Development Value (GDV) estimated at ₹5,600 crore.
For those interested in publishing their Deals, Columns, or Press Releases on Bar & Bench, a submission form is available here.
