Our Real Estate Investments Expertise

Nishith Desai Associates (NDA) has been recognized internationally for its specialization in structuring real estate funds and advising on real estate investments from a legal, tax and regulatory perspective. We have advised a significant number of offshore and domestic funds including private equity funds, foreign institutional investors, real estate funds (REITs), mutual funds and hedge funds in connection with their investments in India. Our focus on international tax and our understanding of the legal and tax regime for funds in other jurisdictions have enabled us to be at the cutting edge of structuring offshore and domestic funds. Our global network with overseas counsel helps us identify appropriate overseas counsel who can represent the fund's interests in those jurisdictions. Our independence allows us to work with all service providers, thereby enabling easy integration with a client's existing support eco-system.

Our research based approach and internal trend assessment procedures have led us to study this sector in great detail, and facilitated the development of our product offerings in this segment. Ever since the Government of India began relaxing regulations to attract foreign investments in the Indian real estate sector, we have been in the forefront advising clients in setting up real estate funds, and advising them on the Indian tax, corporate and exchange control implications.

We have today earned a reputation for developing innovative structures, obtaining favorable rulings from Government, regulatory and tax authorities and assisting clients achieve their business objectives. We have also helped in developing structures for mezzanine and debt funding for real estate projects to meet with the relatively complex legal, regulatory and tax environment surrounding the sector and especially exchange controls, and continue to advise real estate funds/entities with respect to their listings on overseas exchanges like AIM, Jersey, London Stock Exchange, Singapore, etc.

We also advise fund clients on the legal and tax structuring and documentation of their downline investments in the real estate sector.

In addition to presenting papers at international and reputed seminars and conferences, our Real Estate team has an established track record of publishing thought leadership articles in this space. Our research on 'Real Estate Fund Investments' has been extremely well received. Other specific papers in the context include a detailed report on 'Doing Business in India', 'Globalization', 'Joint Ventures in India' and several other incisive and detailed analyses on law and industries. Our hotlines are newsletters on contemporary subjects of interest to the legal and business fraternity and are extremely popular and topical.

We are ranked in Band 1 by Chambers and Partners for the real estate practice (2011). Legal 500 (Asia-Pacific) 2009/10 has specifically recognized Siddharth Shah, Partner in charge of the Real Estate practice as "….particularly recommended by clients" for real estate. Nishchal Joshipura, head of our Real Estate Investment practice has been recommended by PLC Which Lawyer? 2009 for the real estate practice.

Scope of Services

  • Advise related to the creation of a suitable structure for real estate funds from an Indian legal, tax and regulatory perspective, and undertaking related documentation
  • Advising domestic and offshore clients on all corporate and tax related matters related to down line investments in the real estate sector
  • Issuing legal opinions with respect to eligibility of real estate projects under the latest consolidated FDI Policy
  • Advising, drafting, reviewing and negotiating share subscription and share purchase and shareholder agreements, as required for down line investments of real estate funds
  • Advising clients on legal and regulatory aspects of acquisition of land, including for township projects
  • Coordinating title searches, as required
  • Advising on certain property related disputes
  • Advising clients on implementation of SEZ projects throughout India

Representative Clients

Few of the developer clients that we have represented include

  • Frasers
  • Maple Tree
  • Maker and Maker
  • Orbit
  • Sunteck Realty
  • Neptune Developers
  • Lokhandwala Group
  • Forum Projects
  • Prestige Group
  • Dewan Housing etc

Few of our fund clients that we have represented include

  • Kotak Real Estate Fund
  • Milestone
  • Red Fort
  • Samsara Capital
  • IndiaREIT
  • Trinity Capital
  • HDFC Real Estate Fund
  • ICICI Ventures
  • Tata Realty and Infrastructure Limited
  • PHL Finance Private Limited
  • Macquarie, etc

Our role in real estate deals includes the following -

  • Dewan Housing Finance Limited in their 100 % acquisition of Deutsche Postbank Home Finance Ltd., a Housing Finance Company
  • Kotak Alternative Opportunities (India) Fund, in their PIPE deal in Sunteck Realty and Infrastructure Limited
  • Kotak Alternate Opportunities (India) Fund in Starlight Systems Private Limited
  • Kotak Alternate Opportunities (India) Fund and Milestone Capital in their investment in Ultra Space Developers Private Limited, a company owned by Wadhawan Group
  • Tata Realty and Infrastructure Limited in their acquisition of a real asset in southern India
  • HDFC Asset Management Company in their investment in a Pune based developer
  • RedFort Capital in their real estate joint venture with Prestige Constructions Group
  • Sunteck Group and Indiareit Fund, in their investments in Starlight Systems Private Limited
  • Indiareit Fund, in their real estate joint venture with (i) Paranjape Developers, (ii) Skyline Constructions, (iii) Amsri Developers, and (iv) Neptune Developers
  • Indiareit Fund in their investment in (i) Samira Realty Projects Private Limited, and (ii) Samira Getaways Private Limited
  • Deal counsel for investment by Milestone Capital into Neptune Developers Limited
  • Deutsche Bank (RREEF) on structuring of their real estate investment deals in India
  • Farallon, on the India Bulls-Jupiter Mills deal
  • Lokhandwala Builders, in the investment made by Trinity Capital into Lokhandwala
  • Forum Projects, in their real estate joint venture with Yatra Capital, a EuroNext stock exchange listed real estate fund
  • Orbit Corporation Limited in the investment by IL&FS Trust Company Limited, IIRF India Realty X Limited and Moltana Holdings Limited, in Orbit Highcity Private Limited, a wholly owned subsidiary of Orbit Corporation Limited
  • Advising clients with respect to setting up of Singapore REITS

We have represented companies such as Amazon, NetLogic, OmniCell, EFI, SVB, NVidia and Business Objects in leasing of office space, which included negotiations, managing due diligence on title, and drafting and review of the relevant documentation.



Mission and Vision


Distinctly Different


Webinars

Bilateral Investment Claims against India: The Antrix Devas Saga decoded
October 25, 2016

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Seminar

Lifecycle of India Focused Funds
June 08, 2017

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