Amarchand Mangaldas advised DLF Home Developers on Rs 430 crore ($81.5m) sale of its subsidiary Haamid Real Estates to realty firm M3M India, which was advised by Desai & Diwanji.

Amarchand Delhi partner Mrinal Kumar and senior associate Avnish Sharma acted for DLF, advising on the structure of the transaction and various regulatory issues concerning licensing and ownership.

It is understood that the buyer, M3M India, was advised by Desai & Diwanji partner Amit Khansaheb.

M3M outbid Tata Realty and Mahindra to purchase the licensed 27-acre plot in Gurgaon, owned by the DLF subsidiary, according to the Economic Times in September 2011. The transaction closed on 28 December.

Amarchand’s Kumar told Legally India that the economic slowdown did not seem to be affecting the real estate market, particularly in the residential sector.

“The acquisition structure and steps underwent numerous changes owing to circumstances, and it was always interesting to keep improvising and innovating to keep up with the dynamic business requirement”, Mrinal added in the press release.

Khansaheb declined to comment.