new delhi sep 27 real estate developer nirmal group today raised rs 500 crore from altico capital a nonbanking finance company nbfc for construction of residential projects this is one of the largest financing in the residential real estate space in the recent past mumbaibased nirmal group raised rs 500 crore from altico capital for three residential projects located in suburban areas of mumbai mulund altico capital said in a statement besides the proceeds will be utilised for providing an exit to existing lenders the mulund market already the largest residential micromarket of metropolitan mumbai is poised to be one of the most vibrant with good physical and social infrastructure altico capital ceo sanjay grewal said in this respect altico intends to strategically place itself in the growth corridor by investing in a mix of advanced brownfield projects and early stage projects he added altico capital has completed several such platform deals in the last few months including rs 300 crore deal with punebased kumar urban rs 240 crore investment with marvel realtors for construction of a portfolio of projects followed by a rs 180 crore transaction with pharande and rs 200 crore with the legacy group in bengaluru he further said alticos portfolio has an overall allocation of about 35 per cent to mumbai and the company plans to deploy an incremental rs 10001500 crore in this market in the next couple of months with other leading groups altico capital sponsored by clearwater capital abu dhabi investment council and varde partners looks to deploy rs 30004000 crore on an annual basis into the residential and commercial real estate sectors across tier1 cities in india sp ard