CMS INDUSLAW, Khaitan act on Prestige Estates Projects - SARE Gurugram joint development agreement

Prestige Estates Projects Limited has entered into a joint development agreement with SARE Gurugram Private Limited (a joint venture between EKA-KGK and Dhoot) for a premium residential project in Sector 92, Gurugram, unlocking approximately 3 million sq. ft. of development potential across a ~17.21-acre land parcel.

CMS INDUSLAW advised Prestige Estates Projects on the structuring, negotiation and execution of of the Agreement. The transaction involved the strategic acquisition of development rights over an asset that had recently transitioned through a Corporate Insolvency Resolution Process (CIRP) under the IBC. The mandate involved comprehensive title and regulatory due diligence, alongside structuring and negotiation of transaction documents to mitigate legacy risks, ring-fence the developer from historical encumbrances, and ensure robust commercial protection and operational control.

The transaction team was led by Kshitij Bishnoi (Partner) and Gautam Kumar Bhargava (Partner), with support from Yogendar Singh (Senior Associate) and Kartik Madaan (Associate) on transactional and structuring aspects, and Sourav Sharma (Senior Associate) and Sourabh Dhall (Associate) on the legal due diligence exercise.

Khaitan & Co advised Sare Gurugram on this Agreement.

The transaction team was led by Mohit Kishore (Partner, Insolvency & Restructuring, Banking & Finance) and Shikha Mohini (Senior Associate), with support from Nilesh Chaudhary (Counsel, Real Estate) on Real Estate law aspects.

Dr. Siddharth Srivastava (Partner, Insolvency & Restructuring, Banking & Finance) and Avnish Sharma (Partner, Real Estate) provided strategic oversight.

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