Crawford Bayley & Co has advised Clariant Chemicals on Rs 240 crore ($53m) real estate transaction involving the sale of its Mumbai-suburban factory premises to Kalpataru Builders-owned Ananta Landmarks, which hired Mumbai law firm Federal & Rashmikant as legal counsels.

Crawford Bayley’s senior partner R A Shah and real estate partner Zarine Talaty were assisted by senior associate Abhay Jadeja and associate Ankit Srivastav in leading for the seller group.

Federal & Rashmikant partner M S Federal acted for the builder group.

The project envisages the construction of commercial and residential buildings in Thane on the closed chemical factory land measuring 298,000 square metres.

The advice included drafting and conveyance of various property documents and advising on the Transferable Development Rights (TDRs) and issues related to closure of chemical plant.

The transaction closed on 1 February 2011 after the signing of a memorandum of understanding last year in August.