nimbus projects has secured a term loan facility of ₹250 crore from Piramal Finance Limited to support its general corporate purposes. The Board of Directors approved the availing of this financial facility on May 27, 2026, authorizing its firm IITL-Nimbus, The Palm Village to act as a co-borrower. The loan is sanctioned for a period of 48 months and will be disbursed in tranches.

The total borrowing amount of ₹250 crore is divided into two specific facilities. Facility 1 amounts to ₹200 crore, while Facility 2 accounts for the remaining ₹50 crore. The interest rates are fixed at 13.00% per annum for the first facility and 11.75% per annum for the second facility. The sanction letter for this credit facility was issued on May 21, 2026.

Security and Guarantees

To secure the term loan, Nimbus Projects Limited has pledged several assets and guarantees. The primary security includes a mortgage over the leasehold land of the underlying project, The Palm Village, which spans 11.8 acres and is located in Sector 22A, Yamuna Expressway. Additionally, the company has provided a hypothecation of project receivables and 100% hypothecation of the partnership interest of IITL – Nimbus, The Palm Village.

Further collateral involves personal guarantees from Mr. Bipin Aggarwal and Mr. Sahil Aggarwal. The lender also holds a charge over the escrow account as permitted under applicable law, post-dated or undated cheques for scheduled payments, and a demand promissory note. A shortfall undertaking from the promoters and any other security stipulated by the committee or detailed in definitive agreements have also been committed.

Loan Details

nimbus projects has entered into a Memorandum of Understanding (MoU) with M/s Kaamag Pvt. Ltd. and M/s Maayins Real Estate Pvt. Ltd. to collaborate on a land development project. The agreement, dated May 21, 2026, pertains to a site near Radha Kund, Vrindavan, Govardhan, in the Mathura district of Uttar Pradesh.

Project Details

The proposed collaboration focuses on the development of approximately 25 acres of land located at Neemgaon, Tehsil Govardhan. Nimbus Projects Limited will be responsible for activities related to approvals, development, marketing, and other associated project functions. The project will be undertaken under a joint development and revenue sharing model.

Financial Terms

The company has proposed a specific payment structure as part of the agreement. The financial commitments include a non-refundable upfront amount payable upon the execution of a definitive joint development agreement, along with a security deposit.

Revenue Sharing Structure

The agreement outlines a clear division of the project's output between the involved parties. The revenue or constructed saleable area will be shared equally for both residential and commercial development segments.

The MoU is preliminary and non-binding in nature, except for specific clauses agreed upon by the parties. The final arrangement is subject to the completion of due diligence, title verification, receipt of regulatory approvals, and the execution of definitive agreements.