BW Legal World | 7 December, 2021
Recently, Godrej Properties Limited (“Godrej”) has entered into a Joint Venture (through its LLP) with one of the prominent, realty developers TDI group (“TDI”) to develop a grandeur residential project in the heart of Delhi, Connaught Place (“Property”). The project, located at one of downtown Delhi’s most desirable locations, is estimated to have a developable potential of around 1.25 lakh sq. ft. saleable area and comprises primarily of residential apartments of various configurations.
SNG & Partners had actively participated as the legal counsel to TDI in this joint venture for development of an uber-luxury housing project. The firm was involved in the modalities of transfer of interest in the property and passed through waves of intricate commercial negotiations. This deal involved a comprehensive structure which also included a third-party lender on the Property and required navigating through a distinct set of challenges. The firm also acted as counsel to the lender for protection of lenders’ interest as part of the transaction and for the settlement arrangement between the lender and TDI.
This deal turned out to be unique in its own way as it required designing of an effective structure which could prove to be a one-time solution to both TDI and the lender. This was one the most challenging aspects of the deal, which SNG & Partners was efficiently able to achieve. A targeted well thought strategy, solution-oriented approach and constant communication amongst the parties enabled them to reach a consensus and also mitigated the risks involved.
SNG’s team was led by Mr. Amit Aggarwal, Partner, supported by Ms. Devyani Dhawan, Of-Counsel, and Ms. Ayushi Parnami.