Altico Capital invests ~500 cr in Nirmal group

In one of the largest debt deals in residential real estate, Mumbai-based developer Nirmal Group has raised ~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, chief executive officer 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.