The State Bank of India has lent ₹5000 crore to City & Industrial Development Corporation (CIDCO), a town planning authority established, owned and controlled by the Government of Maharashtra for the purpose of a residential township in Navi Mumbai under the Pradhan Mantri Awas Yojana (PMAY) Scheme.
DSK Legal assisted CIDCO with negotiating and advising on the structure for the transaction, and reviewing, revising and negotiating the transaction documents, including loan agreement, escrow agreement and other related financing documents. They also advised and provided specific inputs on mortgage creation and related matters.
The team comprised Avinash Kumar Khard (Partner), Roochi Loona (Associate Partner) and Archit Gupta (Associate), with Anjan Dasgupta (Partner) acting as the lead partner for the deal.
Under the transaction, CIDCO is going to undertake the development and construction of a mass housing project comprising of 1,12,500 tenements for families coming from financially weaker sections. The total project cost is estimated at ₹21,236 crore. This mega housing scheme is amongst the largest of its type in India and the world.