LE Desk

New Delhi, June 20, 2022: DSK Legal has advised City & Industrial Development Corporation (CIDCO) as the borrower’s counsel in relation to financing of Rupees five thousand crores from the State Bank of India (SBI) for a residential township in Navi Mumbai, Maharashtra under the Pradhan Mantri Awas Yojana (PMAY) Scheme, the Law Firm has said.

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, it said in a press statement.

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.

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 Rs 21,236 Crore (USD 2.7 billion).

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