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 se
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.
“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.