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DSK Legal advised City & Industrial Development Corporation (“CIDCO”), as borrower’s counsel, in relation to financing of Rs. 5000,00,00,000/- (Rupees Five Thousand Crores) from State Bank of India(“Lender”) for a residential township in Navi Mumbai, Maharashtra under the Pradhan Mantri Awas Yojana (PMAY) Scheme (“Transaction”).
CIDCO is a town planning authority established, owned and controlled by the Government of Maharashtra. Under the Transaction CIDCO is going to undertake the development and construction of a mass housing project comprising 1,12,500 tenements for families coming from financial weaker sections. The total project cost is estimated at INR 21,236 Crore (USD 2.7 billion). This mega housing scheme is amongst the largest of its type in India and the world.
As legal counsel for CIDCO, DSK Legal advised and assisted with: (i) negotiating and advising on the structure for the Transaction; and (ii) reviewing, revising and negotiating the Transaction documents, including loan agreement, escrow agreement and other related financing documents (including mortgage documents, escrow agreement, security trustee agreement, etc.). DSK Legal also advised and provided specific inputs on mortgage creation and related matters.
The DSK Legal team representing CIDCO on the Transaction, comprised of Partner, Avinash Kumar Khard; Associate Partner, Roochi Loona and Associate, Archit Gupta. Partner, Anjan Dasgupta acted as the lead partner for the transaction.