In one of the largest debt deals in residential real estate, Mumbai-based developer Nirmal Group has raised Rs 500 crore from Altico Capital.
Altico has funded Nirmal for three residential projects located in the suburban area of Mulund. The funding proceeds shall be utilised towards providing an exit to existing lenders and construction for several projects.
“The Mulund market, already the largest residential micro-market of Metropolitan Mumbai, is poised to be one of the most vibrant markets with good physical and social infrastructure,” said Sanjay Grewal, CEO of Altico Capital.
Altico intends to strategically place itself in the growth corridor by investing in a mix of advanced brownfield projects and early-stage projects.
The bouquet of projects includes three condominium towers in Mulund — Amethyus, Zircon and Turquoise, besides a residential project named One Edition in Nirmal Lifestyle and separately an early-stage project closer to Thane.
The investment aims to underwrite the affordable and mid-income segment of the market with a total saleable area of about 2 million square feet with about 1.25 million square feet in significantly advanced stages of construction and about 0.75 million square feet in early greenfield stages with significant levels of sales across projects.
Recently, Piramal Fund management invested over Rs 2,000 crore in a project of Lodha group.