Krishna Priya Estates Private Limited and Micro Labs Limited, both based in Bengaluru, have successfully finalized a joint development agreement with Brigade Enterprises Limited, a prominent real estate developer. The collaboration aims to construct approximately 2 million square feet of residential housing over a sprawling 14-acre expanse in one of Bengaluru’s rapidly growing residential areas. The envisioned project emphasizes cutting-edge design, quality construction, and a commitment to sustainability.
The legal counsel for Krishna Priya Estates and Micro Labs in navigating this significant joint development agreement was provided by Poovayya & Co. The law firm played a pivotal role in advising on the entire life cycle of the real estate transaction, offering expertise in structuring, preparing transaction documents, providing negotiation support, and ultimately ensuring a successful closure.
Spearheading the transaction team at Poovayya & Co was Savitha K G, a Partner at the firm, along with the valuable contributions of Swarna Shenoy, Principal Associate, and Mohan Krishna, Associate.
The chosen site for this expansive venture is a prime 14-acre plot situated in Yelahanka, North Bengaluru. This locale is widely recognized as a highly desirable destination for real estate investments due to its strategic positioning, robust infrastructure, and rapid urban development.
Projections for the project indicate a substantial gross development sales value of approximately INR 2,100 Crores (approximately USD 303 million). This transaction not only signifies a significant collaboration between Micro Labs, Krishna Priya Estates, and Brigade Group but also reinforces Brigade Group’s standing as one of India’s foremost real estate property developers.
The success of this joint development agreement highlights the continued momentum in Bengaluru’s real estate landscape and underscores the confidence and strategic vision of the involved parties. Poovayya & Co’s instrumental role in providing legal counsel and facilitating the seamless execution of this substantial real estate deal further solidifies its position as a trusted advisor in complex transactions within the real estate sector.