The Rs 3000 crore family-run realty company Sheth Builders, which developed the housing project BeauMonde in Prabhadevia, Mumbai, split in April 2012. Two of the three Sheth brothers who owned the company, have formed their own ventures taking away 33 per cent equity each, according to a report in the Times of India.

Kanakia, who was with Hariani & Co since graduating from GLC Mumbai in 2004, said that the company was not a client of the firm, explaining: “[The move to Sheth] was basically to get exposure of working with the corporates.

“I think [the real-estate sector] is picking up again.”

According to Hariani & Co’s website, Kanakia is experienced in land acquisition and development of commercial complexes and townships, and he said he also handled general corporate and media and entertainment transactions when he was an associate at the firm.

Hariani & Co founder Ameet Hariani commented: “It has been on very good terms that he’s left. He’s taken a choice to do something different and we wish him all the best.”

Hariani added that several others had also joined the firm's real estate practice after Kanakia's exit.

Mumbai senior partner Ajay Vazirani, Mumbai partner Heena Chheda, and Goa partner Sujai Joshi are currently heading the firm’s real estate practice. The firm recently advised the Runwal group in developing a Rs 220 crore ($40m) housing project on 218 acres of auto and engineering company Premier’s land, Hariani said. According to the Economic Times, Runwal group’s subsidiary Horizon Projects will develop a middle-income housing project on the land at Dombivili, in the outskirts of Mumbai.

In April 2012, Hariani & Co litigation head and partner Ranjit Shetty left the firm to join Juris Corp in Mumbai.