Rationale

The rating reaffirmation for Emine Realty Private Limited (ERPL) factors in the favourable location of its project and the low funding risk for its under-construction project, RMZ Nexus. The project involves development and leasing of 3.76 million square feet (msf) of commercial office space, to be constructed in two phases in Jogeshwari East, Mumbai. At present, Phase-1 with a leasable area of 1.78 msf is being developed. The project is favourably located at the intersection of the arterial roads of Mumbai, Western Express Highway (WEH) and Jogeshwari-Vikhroli Link Road (JVLR), enhancing marketability. This is likely to translate into adequate pre-leasing by the scheduled completion date (date of commencement of commercial operations (DCCO) is in March 2029). The rating notes the low funding risk of the project with the construction finance (CF) debt tie-up and 100% of the equity already infused by the promoters as of December 2025. The rating considers the strong promoter profile, wherein 51% stake is held by Canada Pension Plan Investment Board (CPPIB) and 49% by the RMZ Group (through promoter entity – RMZ Nexus Project LLP), lending strong financial flexibility. The RMZ Group has a strong execution track record in the real estate space. It is one of the leading players in the commercial real estate segment, with over 30 msf of development across major cities and healthy occupancy in the operational assets. The rating is, however, constrained by the company’s exposure to execution risk as the project is in the nascent stage, with only 20% of the construction cost incurred as of December 2025. Nevertheless, the risk is mitigated by the strong execution track record of the RMZ Group in timely completion of large-size projects. There has been no pre-leasing as on date, which exposes the company to high market risk. The CF loan has a bullet repayment in March 2030. Any delay in project completion or inadequate leasing may adversely impact its refinancing ability. However, these risks are mitigated by the sponsors’ leasing track record and strong financial flexibility. The Stable outlook reflects ICRA’s expectations that the company will benefit from the favourable location of the project, which enhances its marketability, along with strong leasing track record of the sponsor, leading to adequate leasing of the project.