Poovayya & Co has advised Krishna Priya Estates and Micro Labs, both based in Bengaluru, in successfully securing a joint development agreement with Brigade Enterprises.
The residential development from this agreement is expected to generate gross sales of USD303 million.
Partner Savitha KG led the transaction team, along with principal associate Swarna Shenoy and associate Mohan Krishna, providing guidance on structuring and preparation of transaction documents, offering negotiation support, and ensuring successful closure of the deal.
“Unlike most other deals, in this transaction the partners were eager to make sure the project is well developed and completed on time, [including] a balanced document emphasising adherence to the RERA and other requirements making sure the project is known for its value and class,” said Savitha, partner, real estate practice.
This transaction is a collaboration between Micro Labs and Krishna Priya Estates with Brigade, a prominent real estate property developer in India.
Under the current agreement, the joint development project aims to construct 2 million square feet of residential housing across 5.66 hectares1 in one of Bengaluru’s rapidly expanding residential hubs.
