Quatro is a real estate company dedicated to the design and construction of residential buildings in premium areas of Lima. On this occasion, we were asked to perform a due diligence on a property located in Breña, to acquire it for the development of a large-scale residential real estate project. Our analysis established, after interpreting all the urban planning regulations of the district of Breña and the national regulations, that the property had been assigned two types of zoning, but that the highest category was applicable, thus allowing the construction of a greater number of floors.
The project obtained all the licenses for its construction and along the way was offered to an investment fund that requested another law firm to perform a due diligence, which indicated that the zoning of the property only allowed the construction of a small building. In this regard, we proceeded to absolve this observation by issuing a report on the interpretation of the zoning regulation applicable to the property, which allowed the building to have more than ten floors, specifying that the observation was poorly formulated as it had no legal basis to support it. The Municipality was even consulted, which determined that the building could have the authorized floors and in accordance with the real estate project.
All this has allowed the client to know with greater certainty the legal situation of the property in view of the negotiations for its acquisition; as well as to obtain the income of an investment fund for the development of the real estate project.
