LUCINA LAND DEVELOPMENT LIMITED

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Unveiling the Golden Experience, Crafted for you!

25K+ already in the waitlist

Join Now

Invest in Midland Microfin Ltd.

Earn up to 12.85% p.a.

Invest Now

Unveiling the Golden Experience, Crafted for you!

25K+ already in the waitlist

Join Now

Invest in Midland Microfin Ltd.

Earn up to 12.85% p.a.

Invest Now

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Returns (YTM)

13.1%

Min. Investment

₹ 1,00,874.84

Remaining Tenure

2Y 10M 11Days

Payment Terms

Monthly

Highlights

Credit Rating

IVR A-/STABLE

Seniority

SENIOR

Security

Secured

Default History

Zero

Strong Sponsor Support - Backed by unconditional, irrevocable corporate guarantees from parent Embassy Developments Limited and group entities

Fully escrow backed project cash inflow protection which means that the cash flows of INR 5400 Crs+ from sales are ring-fenced towards investor debt and principal payment.

Strong Project Surplus - Lucina’s Panvel project alone has INR 959 Cr in receivables from sold assets, providing strong visibility on near-term repayments, while the total portfolio is projected to generate INR 2,100 Cr + in surplus cash flows by FY '28.

Marquee investors - Quant Mutual Fund, Poonawalla Finance, BlackRock, among others.

About Issuer

Lucina Land Development Limited (“Lucina”) is a 100% subsidiary of Embassy Developments Ltd (“Embassy”), one of India’s top real estate developers with over 7.5 crore sq. ft. successfully delivered.

Backed by Embassy’s unconditional corporate guarantee, Lucina is developing a portfolio of four large scale premium projects across Panvel, Bengaluru, Gurugram, and Chennai totaling a developable area of 81 lakhs sq. ft. These projects are a mix of early-stage and late-stage assets and are valued at over INR 5,400 Cr., giving Lucina a diversified real estate development portfolio.

Ongoing Projects under Lucina include Indiabulls Park (Panvel), Embassy Farms (Bengaluru) Indiabulls 109 (Gurugram), and Embassy RGE (Chennai)

The bonds issued by Lucina are secured by

Embassy’s unconditional corporate guarantee
Mortgage over land and project receivables exceeding INR 5,400 Cr (an effective ~3.1x security cover)
100% project cash flows (totalling to INR 5400 Crs+) to be routed through a dedicated escrow bank account to be used to service investor interest and principal repayments
Interest Service Reserve Account (ISRA) of 2 Crs

Total Annual Revenue

Rs 16.06 Cr (FY - 2025)

Year of Inception

2006

Industry

Corporate

Head Office

NEW DELHI

Type of Issuer

Corporate

Current MD/CEO

Mr. Meyyappan Ramanathan

Credit Rating / Outlook

A- STABLE

IVR

Rating Rationale

Rating Date: 02-Dec-2025

Credit rating by different rating agencies indicates the bond issuer’s ability to repay its debt obligations. A bond can be rated by one or more SEBI registered credit rating agencies e.g. CRISIL, CARE, ICRA, IND, BWR, ACUITE, INFOMERICS.
Bonds/NCDs with A credit rating are considered to have an adequate degree of safety regarding timely servicing of debt obligations. Such Bonds/NCDs carry low credit risk.
Stable Outlook suggests that the rating is unlikely to change significantly in the near to medium term, indicating a stable credit profile of the issuer.

Other Important Details & Disclosures

Issuer Name

LUCINA LAND DEVELOPMENT LIMITED

Security Name

13% LUCINA LAND DEVELOPMENT LIMITED Secured Rated Listed NCD Maturity 30-Jan-2029

ISIN

Copy

INE0JZO07040

Face Value

₹ 1,00,000

Issued FV

₹ 1,00,000

Coupon Rate

13%

Coupon Type

FIXED

Payment Terms

Monthly

Maturity Date

30-Jan-2029

Clean Price

₹ 101.16

Dirty Price

₹ 100.87

Current Yield

12.8509%

Yield to Maturity

13.0963%

Mode of Issue

Private Placement

Date of Issue

5-Jan-2026

Listed

Yes

Instrument Type

Taxable

Security

Secured

Seniority

SENIOR

Perpetual

Trustee Details

IDBI Trusteeship Services Limited

Universal Insurance Building, Ground Floor, Sir P.M. Road, Mumbai 400001

Registrar Details

Skyline Financial Services Private Limited

D-153A, 1st Floor, Okhla Industrial Area Phase - 1, New Delhi - 110020

Looking For More Information ?

Download Prospectus

Taxation

10%

TDS on Interest Income*

*Given TDS is indicative and fully claimable while filing ITR. The interest income from this bond will be taxable and will appear in the additional source of income in your ITR. Please consult your tax advisor for precise taxation details
As a listed bond, it is subject to capital gains tax based on the holding period. A holding period of less than 1 year qualifies as short-term, while more than 1 year qualifies as long-term.
You can submit your Form 15G/15H to the registrar and debenture trustee of the bond to avoid the TDS deduction. Download Form

Registrar details: Skyline Financial Services Private Limited D-153A, 1st Floor, Okhla Industrial Area Phase - 1, New Delhi - 110020

Unit

Investment Amount

₹ 1,00,874.84

Total Returns

₹ 26,937.16

Total Receivable

₹ 1,27,812

Cashflow Timeline

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FAQs about LUCINA LAND DEVELOPMENT LIMITED bonds

How to buy this LUCINA LAND DEVELOPMENT LIMITED bond online?

You can invest in bonds online in under 5 minutes. To buy LUCINA LAND DEVELOPMENT LIMITED bond online follow the steps below:

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Pay online via payment gateway and receive bond units in your demat account

What is the yield of this LUCINA LAND DEVELOPMENT LIMITED bond?

13.0963% is the current yield of this LUCINA LAND DEVELOPMENT LIMITED bond. A bond’s current yield indicates the annual return based on its current market price and annual coupon payment.
In addition to current yield, the yield to maturity (YTM) of this LUCINA LAND DEVELOPMENT LIMITED bond is 13.0963%, which indicates the total expected return if the bond is held till the maturity date. It is calculated using the XIRR method considering current price, face value, coupon payments, and time to maturity.

Is it safe to invest in bonds?

Investing in bonds is relatively a safer option but it depends on factors like:

The creditworthiness of the issuer indicated by the credit rating
The debt quality of the bond indicated by its seniority and security
Your investment goals and risk appetite

If you are an existing bond investor and want to sell your bond holdings before maturity, you can do so through the secondary market. This can be done either through exchanges such as BSE or NSE, or you can also request a quote from your relationship manager at GoldenPi.

How to redeem this LUCINA LAND DEVELOPMENT LIMITED bond?

To redeem this LUCINA LAND DEVELOPMENT LIMITED bond, bond, kindly first check its redemption value and redemption schedule. This can be found by downloading the cash flow from the “Calculate Your Returns” section of this page or by contacting the support team at GoldenPi.
Once you buy this bond, the units would be reflected in your demat account.
Upon maturity, the bond units held in your demat account will be automatically debited on the maturity date, and if the maturity date falls on a bank holiday, the redemption amount will be paid out on the next working day.
The funds will be credited to the bank account linked to your demat account. The process of redeeming this LUCINA LAND DEVELOPMENT LIMITED bond is generally simple and straightforward. Contact our support team for more information.

Is this LUCINA LAND DEVELOPMENT LIMITED bond tax-free?

No, this LUCINA LAND DEVELOPMENT LIMITED bond is not tax free. The interest income received from these bonds will be treated as “income from other sources” in the ITR and the tax will be calculated as per your income tax slab.

To know more about taxation in detail please read this article: https://goldenpi.com/blogessentials/bond-market/taxation-on-gains-from-bond-investments/

Can I sell this LUCINA LAND DEVELOPMENT LIMITED bond before the maturity date?

Yes, it is possible to sell this LUCINA LAND DEVELOPMENT LIMITED bond before maturity. However, as the sale process happens in the secondary market, the price can be determined by a variety of factors, including interest rates, credit ratings, company performance, and market demand.

To know more about the sale process, contact us at https://goldenpi.com/contact-us

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Talk to our Support Team for free. We will help you through your investment journey.

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Cashflow Timeline

Timeline

Total Receivable*

Net Receivable**

2026

₹ 9,801

₹ 8,820.9

30 Apr	Interest ₹ 1,069	Interest ₹ 962.1
31 May	Interest ₹ 1,105	Interest ₹ 994.5
30 Jun	Interest ₹ 1,069	Interest ₹ 962.1
31 Jul	Interest ₹ 1,105	Interest ₹ 994.5
31 Aug	Interest ₹ 1,105	Interest ₹ 994.5
30 Sep	Interest ₹ 1,069	Interest ₹ 962.1
31 Oct	Interest ₹ 1,105	Interest ₹ 994.5
30 Nov	Interest ₹ 1,069	Interest ₹ 962.1
31 Dec	Interest ₹ 1,105	Interest ₹ 994.5

2027

₹ 35,671

₹ 34,503.9

2028

₹ 65,158

₹ 64,542.2

2029

₹ 17,182

₹ 17,163.8

* The interest amount is paid as per total invested face value (₹ 100000) and annual coupon rate of 13%. When the bond enters the staggered maturity cycle, it will be calculated based on the outstanding face value.

** The net interest receivable is after 10% TDS for Indian Residents. However for NRI 30% TDS is deducted. The deducted TDS can be claimed while filing ITR.

Highlights

About Issuer