Crawford Bayley sold 350,000 square foot of client Bombay Dyeing and Manufacturing Company (BDMC)‘s real estate complex in Parel to Khaitan & Co client Axis Bank for around $170m.

Khaitan partners Sudip Mullick and Savita Singh led for Axis Bank that bought an entire building consisting of eight floors and a total carpet area of 350,553 sq ft in Mumbai’s Parel area from the Wadia group’s BDMC.

BDMC was represented by Crawford Bayley partner Zarine Talati.

The firms had to ensure compliance with IT and ITES Policy 2003 before approving the purchase of property built in a technology park developed by the Wadia conglomerate.

Khaitan & Co wrote in a press release: “Protecting the clients interest since the clients were purchasing an entire building; therefore we ensured that the clients get superior rights than other purchasers in the Project including exclusive and irrevocable right to use occupy and enjoy the land admeasuring 5726.32 square metres and the right to rebuild/redevelop the building should the same be destroyed and/or redeveloped for any reason whatsoever.”

Axis Bank’s current office is based in South Mumbai’s Cuffe Parade area, near to the World Trade Center.