Nirmal Group gets Rs. 500-cr for realty project

    Nirmal Group Realty Project
    Real estate developer, Nirmal Group has recently secured Rs 500-cr financing from Altico Capital for the construction of its residential projects. This is one of the largest financing in the residential real estate space in the recent past whereby, the funds will be invested in three residential projects located in suburban areas of Mulund in Mumbai, said official sources, adding that the remaining portion of the funds will be utilized for providing an exit to existing lenders. In this regard, Altico intends to strategically place itself in the growth corridor by investing in a mix of advanced brown field projects and early stage projects. According to Altico's spokesperson, the company has an overall allocation of about 35% to Mumbai and plans to deploy incremental funds of Rs. 1,000-1,500-cr in this market, in the next couple of months with other leading groups. In its entirety, Altico Capital, sponsored by Clearwater Capital, Abu Dhabi Investment Council, and Varde Partners, contemplating to deploy Rs. 3,000-4,000-cr on an annual basis into the residential and commercial real estate sectors across tier-1 cities in India.
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