Lucina Land Development Limited is an Embassy Group company and wholly owned subsidiary of Embassy Developments Limited, engaged in real estate development and allied activities.
Debenture trustee
IDBI Trusteeship Services Limited
Issuance date
23 Apr 2026
Key terms
13.00% fixed coupon with monthly payments.
2.00x security cover with project mortgages.
DSRA, ISRA and escrow sweep support debt service.
Returns & Cashflow
Units
1
Monthly Interest PayoutPrincipal Paid Across Schedule
₹1,01,153.77Principal Invested
₹21,192.03Interest earned
₹1,21,192.03Final Payout
Interest Payout Schedule
Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date
Interest (₹)
Principal (₹)
31 Oct 2026
₹1,099.86
--
30 Nov 2026
₹1,064.38
--
31 Dec 2026
₹1,099.86
--
31 Jan 2027
₹1,099.86
--
28 Feb 2027
₹993.42
--
31 Mar 2027
₹1,099.86
--
30 Apr 2027
₹1,061.48
₹8,000
31 May 2027
₹1,009.11
--
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Financial Trend
YoY -1.5% ↓
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Issuer and structure highlights
Parent Guarantee
Rating is credit-enhanced by unconditional and irrevocable EDL and group corporate guarantees.
Reserve Structure
DSRA, ISRA, escrow sweep and T-3/T-2 monitoring support timely debt service.
Security Cover
KID requires minimum 2.00x cover over project security until final settlement.
Project Locations
Projects are in Panvel, Gurugram, Bengaluru and Chennai real-estate markets.
Group Land Bank
Infomerics cites 3,125 acres of EDL land bank across Maharashtra, NCR and Chennai.
Key Risks
Cyclical Sector
Real estate demand and prices can weaken in slowdowns, affecting developer cash flows.
Regulatory Risk
Real estate projects require compliance with municipal, RERA and other approvals.
Customer Advances
Operations depend on buyer advances and external borrowings to fund projects.
Escrow Shortfall
Inadequate or untimely escrow collections are a stated negative rating sensitivity.
Sign up to view Strengths & Risk
Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.
Infomerics reaffirmed IVR A- (CE)/Stable based on EDL and group guarantees, escrow reserves and locations, offset by sector cyclicality and customer-advance dependence.
Summary points
IVR A- (CE)/Stable rating reaffirmed.
Unsupported rating is IVR BB+/Stable.
EDL guarantee covers the rated instrument.
Stable outlook rests on FY26 revenue visibility.
Rating history timeline
2022 Watch
Earlier CE rating shown on developing watch.
2024 CE
Provisional IVR A- (CE)/Stable assigned Dec 2024.
Current CE
Infomerics reaffirmed CE rating for 950 Cr NCDs.
Outlook implications
Stable outlook reflects FY26 revenue visibility from Panvel Park and FY27-FY28 momentum expected from launches in Chennai, Bengaluru and Gurgaon.
Implications for investors
The CE rating gives weight to external support and escrow mechanics. Investors should still monitor project sales, escrow inflows, security cover and parent-guarantor credit quality.