Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

“Yes, yes and yes. There is no shadow of doubt that Federal & Rashmikant should be in the top tier of the construction and real estate rankings,” says one peer. Market observers and clients are unanimous in recommending the Mumbai firm for its expertise. Another competitor notes: “It has great litigation experience and expertise as well.” The firm is trusted counsel for many companies in the country, with a highlight transaction this year being its representation of Kalpataru Builders-owned Ananta Landmarks on its purchase of factory premises from Clariant Chemicals. This deal was completed in February 2011 and was valued at US$53 million. Partner M S Federal led the team on this matter.

“I cannot see Kanga & Co anywhere else but in the top tier,” says a competitor. The firm is a prominent presence in the market, and another peer adds: “The firm’s been in this area of practice since before many of the firms started their practices. Its history and reputation in the market is incomparable.” The firm advised ICICI Prudential Asset Management Company and India Opportunity Real Estate Fund in their investment in Kanakia Design & Construction for a project development in Mumbai. This US$27.8 million transaction was led by senior partner Preeti Mehta and was completed in December 2010.

“Luthra & Luthra is a top tier firm in this market. The lawyers there have the required experience and exhibit great ability,” says one client. The firm “dominates” the market, adds a peer. A firm team, comprising Amaresh K Singh, Sachit Mathur, Vaibhav Suri and Amrita Tonk, acted for the Godrej Group in the setting up of a group housing colony in Gurgaon. This included due diligence work, the drafting of transaction documents, and the drafting of agreements documents. This matter completed in February 2011. The firm is highly regarded by competitors, with one saying: “We respect the firm’s experience in the field, and it’s always a joy to see it across the table.”

“Mulla & Mulla & Craigie Blunt & Caroe is a traditional power in this area,” says one peer. The firm has maintained a national presence and strength in this market, and remains a top tier fixture in the rankings. With a client list populated with corporate luminaries such as Tata Housing Development, Cushman Wakefield India and Mizuho Bank, the firm looks set to build on its success in the future. One notable transaction in the last year was acting for Cushman Wakefield in the Dharavi Redevelopment Project in India, which is one of the largest slum pockets in Asia. One client notes: “I’ve used the firm quite often over the years, and it has remained reliable and consistent throughout.”

“Amarchand & Mangaldas & Suresh A Shroff & Co is heavily involved in construction and real estate work, and is on most of the big deals,” says a competitor. The firm is an ever-present in India, and has established a formidable reputation in construction and real estate matters. A team led by partner Jatin Aneja advised the Airports Authority of India and the Karnataka government in the bid process and tender documents for the development of an airport at Bellary. This transaction was completed in August 2010 and valued at US$50 million. One client says: “The firm has such a deep pool of talent, and will only get better.”

AZB & Partners consolidates its position in the rankings this year, with one peer noting: “The firm exerts great influence on the market, and is a standard to which others are measured.” A notable matter in the last year was its representation of Tata Realty & Infrastructure and TRIL Infopark on the latter’s development of a 25.27 acre IT special economic zone in Chennai. This transaction was valued at US$33 million, with partner Sai Krishna Bharathan leading the firm team. Partner Gautam Saha acted for Sun-Apollo India Real Estate Fund in its acquisition of up to 49.9% in Parsvnath Buildwell. This deal was valued at US$23 million.

“J Sagar Associates is the most balanced and all rounded firm in the country,” says a competitor. The firm has established strongholds through its many offices, and its real estate work stretches across the country. A client says: “I would work with the firm to get a pan-Indian experience and seamless delivery.” Notable transactions in the last year include: advising HDFC’s real estate funds in a US$107 million investment in the construction of one of Mumbai’s largest residential projects; drafting a development agreement for Reliance Infrastructure in the construction of a 100-storey tower and business district, valued at US$1.9 billion.

Peers recommend Seth Dua & Associates for its “quality standards and professional team of lawyers”. The firm retains its ranking this year as competitors and clients support its “continued commitment to good practice and integrity”. A firm team, led by partner Sunil Seth, advised the Ministry of Housing in the drafting of the Real Estate Bill, which will regulate real estate development in the country. Another notable transaction that is yet to close is the firm’s representation of Mahamaya Infrastructure in its setup of a hotel project with The Indian Hotels Company, Taj Group. This project will create the Gateway Hotel of Taj in Thoeg in Shimla, which is the first Taj project in Himachal Pradesh.

“Wadia Ghandy & Co has been a prominent fixture in the construction and real estate market over the years,” comments a competitor. The firm secures its place in the rankings this year after support from market observers and peers. One peer says: “The lawyers at the firm are frequently regarded as the top practitioners in the country.” Clients also recommend the firm for its measured approach, with one saying: “The lawyers’ outlook is very balanced. In the context of legal and regulatory knowledge, they’re excellent.” The firm provides advice to clients such as non banking finance companies, and several of the firm’s transactions in the past year involved these clients lending to real estate companies.

“IndusLaw has a solid background and presence in real estate work,” says one competitor. The firm provides legal services to clients such as Total Environment Building Systems, Milestone Group and Fireluxur Developers. A firm team, led by partner G Sridhar, advised Esteem Developers in the acquisition of 40,000 square feet of space in central Bangalore. This matter involved a unique issue with a religious institution dealing with the rights to immovable property. This transaction closed in March 2011.

“Khaitan & Co has a professional and fully focused team. The lawyers there are well versed in matters of law,” says one client. A notable matter for the firm this year was its work for client Borosil Glass Works in the transfer of industrial land of about 18.3 acres to Neepa Real Estate. The transaction was completed in a single tranche and was valued at US$178 million. Partners Sudip Mullick, Pradip Khaitan and Haigreve Khaitan led the team on this deal, which closed in August 2010.

“MV Kini & Co has a well established reputation in the market,” says one peer. The firm represents National Highways Authority of India on a regular basis. Some notable transactions in the last year include its work on the tender documents and execution of the concession agreements for sections of India’s highway system. The firm also played a role in advising on the financial close of these projects. Both transactions were valued at over US$543 million each.

International Law Affiliates Pasrich & Company

International Law Affiliates Pasrich & Company boasts a full service set up for its many clients domestic and abroad. The firm advised Turkish Airlines in matters regarding lease negotiations and the preparation of a turnkey agreement. The team led by Priyanka Dwadash Shreni and Amir Singh Pasrich secured a long term lease arrangement for the client’s new office. This matter completed in July 2011.

Singhania & Partners

Singhania & Partners advised Kribhco Infrastructure in a development project for a land container depot, specifically relating to land acquisition. The firm assisted the client on matters ranging from drafting the collaboration agreements to the sale deed with landowners. This transaction was led by partner Vika Goel and completed in May 2011.

Titus & Co

Titus & Co advised Italian company Danieli in the structuring of its business operations in India, counselling on labour law and real estate issues. The firm assisted the client in due diligence on properties in Kolkata, and provided advice on local and municipal laws. This transaction was led by partners Abhixit Singh and Achint Singh Gyani.