CMS INDUSLAW advises Prestige Group on securing residential project in Sector 109, Gurgaon

Prestige Estates Projects Limited has entered into a joint development agreement with Ashok Solomon, Chintels India and landowning entities, for a residential project in Sector 109, Gurgaon.

CMS INDUSLAW advised Prestige Group on the drafting, structuring, negotiation, and execution of the JDA. The transaction involved the complex and strategic acquisition of development rights under the applicable DTCP framework and other local laws. The mandate included comprehensive title due diligence as well as the drafting, structuring and negotiation of the JDA and other ancillary documents to address title and regulatory risks, ring-fence the developer in terms of the rights granted under the JDA, and safeguard the commercial interests and operational control over the development.

The transaction was led by Kshitij Bishnoi (Partner) and Gautam Kumar Bhargava (Partner), with support from Yogendar (Senior Associate), Sourav Sharma (Senior Associate) and Kartik Madaan (Associate).

The project is planned to generate approximately 2.8 million sq. ft. of saleable area across a 17.1375 acres land parcel.

The proposed residential development is expected to unlock an estimated Gross Development Value (GDV) of ₹5,600 crore.

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