WHAT WE DO
The firm's Real Estate practice has a wide client base including banks, real estate agents, hoteliers, institutions and Government authorities.
Our expertise allows us to advice them in their roles as investors, developers, occupiers, borrowers, owners, funders or lenders.
Our services in title investigation, purchase, sale and development of real estate have been used by a large number of developers of commercial and residential projects.
Our Infrastructure team advises clients on various infrastructure projects relating to roads, bridges, airports, rail and ports. In addition to these sectors, the firm advises on a range of issues relating to Water Resource Contracts and Projects, Telecommunications and Satellite Transactions including basic, cellular and satellite system, Broadcasting Law and Policy, Data Communications, Computer and Information Technology. The Firm has in the process represented International and Domestic sponsors, lenders, investors and contractors in such projects.
We provide legal services to Infrastructure companies in the following :
Bankruptcies double at real estate developers
The number of Indian real estate companies tipped into insolvency has doubled in less than a year since the collapse of a key shadow bank, an event often compared to the Lehman crisis that squeezed American funding markets a decade ago.
As many as 421 developers entered bankruptcy court by the end of June, up from 209 in September 2018,
IL&FS and Gayatri joint venture wins Rs 914-cr arbitration claim
An IL&FS Engineering and Construction Company and Gayatri Projects joint venture (JV) has won an arbitration claim worth Rs 914.3 crore for a Nagaland road project, the two companies said in a statement on Tuesday.
HC stays order slashing tariffs of incentivised wind power generators
The Andhra Pradesh High Court has stayed the state regulator’s order that reduced tariffs of electricity supplied by wind projects that received generation-based incentive (GBI) from the Centre.
The order is significant because the GBI issue was seen as a roadblock in Greenko’s planned acquisition of Orange’s renewable energy portfolio.
The order of the Andhra Pradesh Electricity Regulatory Commission (APERC) was challenged by leading clean energy players including Orange Renewables and Hero Group earlier this week, seeking an interim suspension of the APERC order. The order had been challenged primarily on the ground that APERC does not have the jurisdiction to alter its own orders subsequently.
April 10, 2018
SC orders issuance of public notice, for auctioning Unitech’s assets
The Supreme Court has ordered the issuance of a public notice, inviting objections against the auctioning of assets of Unitech Limited, to raise money to pay back the dues of hassled home buyers
The Supreme Court, on April 9, 2018, took note of all the unencumbered assets of real estate major Unitech Limited and ordered that a public notice be issued, inviting objections for auctioning them, to realise the dues of the hassled home buyers.
A bench, headed by chief justice Dipak Misra, also imposed a cost of Rs 75 lakhs on Om Shakti Agency (Madras) Pvt Ltd, for its submission that it cannot deposit Rs 90 crores with the apex court registry, in lieu of purchasing Unitech Ltd’s property near Chennai in Tamil Nadu.
December 27, 2017
Electric mobility policy should target Rs. 30,000 cr. investments’
Minister for Information Technology and Panchayat Raj Nara Lokesh on Wednesday instructed the officials of the Transport Department and the RTC to draft the policy for electric mobility for 2017-20 in such a way that the State would attract investments across the supply chain — from vehicle manufacturers to those who make spares.
The State should target investments amounting to Rs. 30,000 crore in the coming three years with due focus on the creation of charging infrastructure crucial to making the vehicles ply on a large scale.
To start with, 100 fast charging points are envisaged. Besides, the policy should aim at creation of 60,000 jobs.
Addressing a review meeting on the State’s electric mobility project at the Secretariat, Mr. Lokesh said the policy should provide incentives for research and development in electric mobility which was being increasingly patronised around the world.
Ventures involving investments in excess of Rs. 200 crore should be recognised as mega projects and those ranging from Rs. 500 crore to Rs. 1,000 crore as electric mobility parks. The Minister said users of the electric vehicles should also be incentivised and mooted the establishment of a Smart Mobility Corporation. He insisted that the policy should be prepared at the earliest and secure the nod of the Chief Minister who believed it was a game-changer in public transportation.
December 01, 2017
NICDIT and APIIC ink pact for industrial township project in AP
The National Industrial Corridor Development and Implementation Trust (NICDIT) and Andhra Pradesh Industrial Infrastructure Corporation (APIIC) have signed a shareholder agreement (SHA) and state support agreement (SSA) to set up an industrial township.
Krishnapatnam, a fully functional industrial township, will be developed at a cost of Rs 60,000 crore.
The project duration is six to seven years, and covers a total development area of 12,083 acre.
The trunk infrastructure cost is estimated at Rs 10,000 crore, of which Rs 3,000 crore has been contributed by the central government.
CH2M has been appointed as the master planning and engineering consultant for the project.
The project will create employment opportunities for 2,15,000 people.
Logistics Sector granted Infrastructure Status
The inclusion of “Logistics Sector” in the Harmonized Master List of Infrastructure Sub-sectors was considered in the 14th Institutional Mechanism (IM) Meeting held on 10th November, 2017.
It was recommended by the Institutional Mechanism and subsequently approved by the Union Finance Minister, Shri Arun Jaitley.
“Logistics Infrastructure” is included by insertion of a new item in the renamed category of ‘Transport and Logistics’, with a footnote stating that "Logistics Infrastructure” means and includes
A) Multi-modal Logistics Park comprising Inland Container Depot (ICD) with minimum investment of Rs. 50 crore and minimum area of 10 acre,
B) Cold Chain Facility with minimum investment of Rs.15 crore and minimum area of 20,000 sq. ft, and/or Warehousing Facility with investment of minimum Rs. 25 crore and minimum area of 1 lakh sq ft.
It will enable the Logistics Sector to avail infrastructure lending at easier terms with enhanced limits, access to larger amounts of funds as External Commercial Borrowings (ECB), access to longer tenor funds from insurance companies and pension funds and be eligible to borrow from India Infrastructure Financing Company Limited (IIFCL).
September 06, 2017
Korean asset manager Mirae floats $500 mn India realty investment unit
South Korea’s Mirae Asset Global Investments Co. Ltd, which currently runs a mutual fund business in India, is planning to enter Indian real estate market to buy leased-out commercial assets across the top cities, according to a media report.
The company would pump in roughly $500 million in the realty market to mark its entry and has hired Ashwini Kumar Mathur to head its realty business,
The firm is looking to buy commercial properties such as office parks, warehousing assets and hospitality projects in top cities including Mumbai, Bengaluru, National Capital Region (NCR), Pune, Chennai and Hyderabad.
May 18, 2017
Brand Capital backs Indian arm of Sotheby’s International Realty
Luxury real estate advisory services provider RealPro Realty Solutions Pvt. Ltd has raised $7 million (around $42.5 crore) from Brand Capital, the ad-for-equity investment arm of media house Bennett Coleman and Company Ltd, and a group of high net-worth individuals (HNIs).
RealPro Realty, which is part of global real estate brand Sotheby’s International Realty Affiliates LLC (SIR), will use the funds to open more offices and expand its team size, Ashwin Chadha, president, India Sotheby’ International Realty, said in a statement.
May 01, 2017
RERA comes into effect from Today
Real Estate Regulatory Act (RERA) comes into force from today with a promise of protecting the right of consumers and ushering in transparency but only 13 states and UTs have so far notified rules.
Some of the major provisions of the Act, besides mandatory registration of projects and real estate agents, include depositing 70 per cent of the funds collected from buyers in a separate bank account for construction of the project.
This will ensure timely completion of the project as the funds could be withdrawn only for construction purposes.
The law also prescribes penalties on developers who delay projects. All developers are required to disclose their project details on the regulator's website, and provide quarterly updates on construction progress
In case of project delays, the onus of paying the monthly interest on bank loans taken for under-construction flats will lie on developers unlike earlier, when the burden fell on home buyers.
RERA also states that any structural or workmanship defects brought to the notice of a promoter within a period of five years from the date of handing over possession must be rectified by the promoter, without any further charge, within 30 days.
Other highlight of the Act is imprisonment of up to three years for developers and up to one year in case of agents and buyers for violation of orders of appellate tribunals and regulatory authorities.
APRIL 01, 2017
Andhra Pradesh embarking on new development path by making citizens equal partners:
The journey began by identifying the critical areas of development, which were translated into seven-focused missions. These key undertakings were meant to foster growth of the primary sector, social sector, industry sector, infrastructure, service sector, knowledge and skill, as well as urban development.
Fourteen ports, twelve airports including a mega Aerotropolis airbase, an integrated road-network of 1,23,334 km with inter-region connectivity and 888 kilometres of national inland waterways are being developed.
Further, by emphasising on port-led development along the coastline, Andhra Pradesh is poised to become India’s gateway to the East. Being a power surplus state, with a current capacity to provide 24X7 power supply to industries, an additional 15,400 MW capacity will be added by 2019 to provide conducive ecosystem for investors to initiate projects in Andhra Pradesh.
March 05, 2017
Andhra govt to negotiate with Adani Group on Bhavanapadu port project-
Andhra Pradesh government is planning to hold negotiations with Adani Group before taking a final call on the bid submitted by the company for the development of green-field Bhavanapadu port project in north coastal district of Srikakulam.
The authorities feel the revenue share offered by the country's largest private multi-port operator is on the lower side.
Adanis turned out to be the lone bidder for the project as the two home grown port operators Navayuga and Gangavaram Port Limited had withdrawn from the fray just before the submission of financial bids late last year.
However, the authorities went ahead and opened the financial bid of Adanis after securing the necessary security clearances for the development of the project.