HDFC arm, Singapore firm invest in Bangalore residential project.

HDFC Investment Trust II, an investment company under mortgage lender HDFC Ltd, and Singapore-based Superior Investments have together invested Rs. 60 crore in a residential project in Bangalore.

Legal firm J Sagar Associates (JSA) advised and assisted Superior Investments and HDFC Investment Trust II, in connection with the investment of the residential project in Whitefield, Bangalore by Sterling Gated Community Private Limited (SGCPL).

Sterling Gated Community is a special purpose vehicle formed by Ramani Sastri and Shankar Sastri, who have more than 30 years of experience in developing real estate projects in Bangalore and are the founders of the Sterling group. SGCPL is developing a residential project with 147 units of 3-BHK and 4-BHK configurations, planned over a part of larger land parcel owned by SGPCL's associate company, Sterling Urban Development Pvt Ltd (SUDPL). The remaining land is being developed as Villa Grande, comprising 243 villas, with Phase-I complete and Phase-II ongoing.

As part of the transaction, JSA advised the landowner, SUDPL, about the execution of a joint development agreement in favour of SGCPL. The transaction involved a corporate due diligence on SGCPL, drafting, negotiating and finalising the agreement as well as other documents.

BMR Advisors represented Sterling on specific aspects, including the financial diligence.



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