Rajesh Lifespaces raises Rs 100 crore from Altico Capital

October 7, 2016

Realty developer Rajesh Lifespaces has raised Rs 100 crore from Altico Capital, a non-banking finance company (NBFC), for a residential project. "Rajesh Lifespaces raised Rs 100 crore in a structured transaction for a residential project located in South Mumbai being developed on a joint development basis along with the Suvidha group," Altico Capital said in a statement. Altico Capital CEO Sanjay Grewal said this transaction "reiterates our focus on the Mumbai residential market and is in line with our long term firm belief in the Mumbai market". The NBFC, 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. In last few months, Altico Capital has completed several deals including Rs 300 crore deal with Pune-based Kumar Urban, Rs 240 crore investment with Marvel Realtors, Rs 180 crore transaction with Pharande and Rs 200 crore with Legacy Group in Bengaluru.

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