I wouldn't go to the extremes of a 500g but they should be kept in atleast a 6 foot tank. Is a 120g+ an option for you???
Please read this:
http://www.aquatic-hobbyist.com/profiles/freshwater/cyprinids/bala.html
"True tank busters. Minimum recommended sized tank when adult would be 200 gallons plus. They ideally need a tank in excess of 84in x 24in x 24in."