Hines Group has acquired the development right and entered a joint venture with Sumitomo Corporation for a premium residential project on the site of approximately 3.4 acres of land located at Powai, Mumbai, Maharashtra.

Shardul Amarchand Mangaldas & Co advised Hines Group on its joint venture with Sumitomo Corporation.

The transaction team was led by Jatin Aneja (Partner and National Practice Head, Infrastructure, Energy and Project Finance), with support from Dhrupad Pant (Partner), Ishita Sehgal (Principal Associate) and Suryansh Srivastava (Associate).

Khaitan & Co advised and represented Hines Group through its group company Powai Lake Residential Private Limited in its acquisition of development rights in respect of land admeasuring approximately 3.4 acres at Chandivali, Powai for developing a mixed used asset.

The transaction involved acquisition of development rights and also release and reconveyance of existing mortgage which was created by the erstwhile developer.

The transaction team was led by Harsh Parikh (Partner) with assistance from Rahul Agarwal (Principal Associate) and Nupur Antrolikar (Associate).

The project, located near Powai Lake, is being developed in joint venture with Sumitomo Corporation and is expected to feature six 20-storey towers comprising around 321 premium apartments.

Hines Interests Limited Partnership, founded in 1957 by Gerald D. Hines and headquartered in Houston, is a leading global, privately held real estate investment, development, and management firm with over 5,000 employees spread across 30+ countries and operations in nearly 400 cities.

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