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Nirmal Group raises Rs 500 cr from Altico Capital
Real estate developer Nirmal Group today raised Rs 500 crore from Altico Capital, a non-banking finance company (NBFC), for construction of residential projects.
This is one of the largest financing in the residential real estate space in the recent past.
"Mumbai-based Nirmal Group raised Rs 500 crore from Altico Capital for three residential projects located in suburban areas of Mumbai, Mulund," Altico Capital said in a statement.
Besides, the proceeds will be utilised for providing an exit to existing lenders.
"The Mulund market, already the largest residential micro-market of Metropolitan Mumbai, is poised to be one of the most vibrant with good physical and social infrastructure," Altico Capital CEO Sanjay Grewal said.
In this respect, Altico intends to strategically place itself in the growth corridor by investing in a mix of advanced brownfield projects and early stage projects, he added.
Altico Capital has completed several such platform deals in the last few months, including Rs 300 crore deal with Pune-based Kumar Urban, Rs 240 crore investment with Marvel Realtors for construction of a portfolio of projects followed by a Rs 180 crore transaction with Pharande and Rs 200 crore with the Legacy Group in Bengaluru.
He further said Altico's portfolio has an overall allocation of about 35 per cent to Mumbai and the company plans to deploy an incremental Rs 1,000-1,500 crore in this market in the next couple of months with other leading groups.
Altico Capital, sponsored by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners, looks to deploy Rs 3,000-4,000 crore on an annual basis into the residential and commercial real estate sectors across tier-1 cities in India.