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Nirmal Group raises Rs 500 crore debt from Altico Capital
Realty developer Nirmal Group has raised debt of Rs 500 crore from non-banking finance company Altico Capital for three residential projects in Mulund suburb of Mumbai, the NBFC said in a release.
The funds will be utilized to provide an exit to existing lenders and as construction finance for several projects. The portfolio of projects include three condominium towers in Mulund, a residential project in Nirmal Lifestyle and an early stage project near Thane.
The investment underwrites around 2 million sq ft saleable space in mid-income and affordable category. Of this, around 1.25 million sq ft is in advanced stage of construction, while balance is in greenfield stage. Nirmal Group is currently executing close to 16 million sq ft.
"Altico’s portfolio has an overall allocation of about 35% to Mumbai and we plan to deploy an incremental Rs 1,000-1,500 crore in this market in the next couple of months," said Sanjay Grewal, CEO, Altico Capital.
Altico Capital has completed several such deals in the last few months including Rs 300 crore deal with Kumar Builders, Rs 240 crore investment with Marvel Realtors for the construction of a portfolio of projects followed by a Rs 180 crore transaction with Pharande Group and Rs 200 crore with Bengaluru-based Legacy Group in Bengaluru.