Service Overview
Spiritus Legal, Advocates and Legal Consultants, offers a diverse range of services in the real estate arena including residential, commercial, industrial, hotels, tourism, SEZs space etc. We have carried out due diligence, offered advice, structured, and negotiated on land purchases, joint development arrangements, leasing, and financing for a variety of properties, including redevelopments, slum rehabilitation projects, affordable housing projects, government leases, mega food parks, logistic parks, solar projects, integrated townships, etc. across states in India.
Additionally, Spiritus Legal has also advised on an entire spectrum of issues affecting foreign and domestic investment into the real estate space in the country.
Our team also advises various developers, investors and financing institutions in relation to compliances under RERA, across different states in India. This includes handholding our clients and working very closely with them for registration of various projects, including discussions with the technical and accounting teams of the developers, wherever required. Our team has grip on the regional real estate regulations that apply to projects and real estate transactions in almost all states and union territories, and we strive to close the gap between the legal requirements that govern investments in this industry and solutions that practical from a business standpoint.
Service Highlights
Land Acquisition
- Comprehensive title searches and due diligences across most states in India
- Advice on the statutory permissions and/or approvals to be procured. zoning requirements, including the timelines involved.
- Structuring and drafting conveyance documents in case of aggregation and other wise.
- Advice on the Stamp duty, registration fees and other acquisition costs.
Project Development and Construction Contracts
- Structuring and advising on the development contracts in relation to different projects including joint development arrangements, redevelopments, slum rehabilitations schemes etc.
- Structuring and advising on development of industrial parks, logistic parks, SEZs etc.
- Advising on documentation and agreements with contractors, architects, engineers etc.
- Drafting of the documents in relation to sale/allotment of the units/areas under a project including agreement to sell, conveyance documents, lease documents, possession letters etc.
RERA Compliance Advisory
- Advising developers on the compliances under RERA and handholding for the registration of projects with RERA authorities in different states in India
- Advising developers and promoters on compliance under RERA in relation to specific instances under various projects
- Advising banks, financial institutions and developers on the compliances under RERA in various states including the waterfall mechanisms in different projects to ensure that the projects are in compliance with the provisions of RERA.
Due Diligence
- Conducting title searches with the offices of Sub-Registrar of Assurances, Revenue Authorities, etc. and delivering title due diligence reports and title certificates for properties located in various Indian states for the purposes of purchases, mortgages, etc.
- Conducting due diligences of the property-owning entities where the structure requires acquisition of or investments in the entities owning subject properties.
SPV Acquisitions and Investments
Spiritus Legal provides advice on a variety of transactions that are set up to acquire property-owning entities, and it develops and provides advice on all of the related documentation, including the share transfer and investment papers as well as the memoranda of understanding and term sheets.
New Formats and Concepts in Real Estate Opportunities
We provide advice on innovative formats and organisational frameworks for addressing specific opportunities in infrastructure, spiritual tourism, health & wellness facilities, national footprints for star-rated hotels, as well as single brand concessionaires of global brands in the real estate sector.
Leasing Transactions
- Comprehensive title searches and verification of the title.
- Drafting lease documents and leave and license documents.
- Advice on stamp duty and registration.
Venture Capital Issues
Specific advice on VC fund structuring, formation, deployment and exit.
Corporate Commercial Requirements
- Fund structuring, Fund formation, deployment and exit.
- Applications and procurement of necessary approvals/permissions from concerned Regulatory Authorities.
Taxation (Direct)
Entry Strategy
- Advice on tax efficient structuring of investment.
Operation of Venture/Project
- Advice on availing tax exemption benefits and deductions for specific real estate activities.
- Tax planning for minimisation of impact of Corporate Tax, Dividend Distribution Tax, Minimum Alternate Tax.
Fund Exit
Tax planning to minimise applicable taxes when the investor exits the project in the mode that has been identified.
Taxation (Indirect)
- Review of proposed and/or signed into agreements and/or arrangements for each project from an indirect tax perspective, with a focus on identifying tax exposures and potential areas for cost reductions within the legal framework.
- Advice on alternatives to optimise Indirect Tax implications.