Nirmal Group, a real estate developer, has raised Rs 500 crore from Altico Capital which is a non-banking finance company (NBFC) for construction of residential projects.

This has been one of the largest financing in the residential real estate space in the recent past.

Altico capital has said in a statement that the “Mumbai based Nirmal Group has raised Rs 500 crore from Altico Capital for three residential projects located in suburban areas of Mumbai, Mulund.”

The proceeds will be utilised for providing an exit to existing lenders.

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