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Indian office landlord RMZ Corp said on Wednesday it will invest $7 billion to diversify into four new segments, in a bid to more than double the value of its rent-yielding real estate assets to $40 billion by 2029.

The privately-held firm, whose rent-yielding assets are currently valued at $15 billion, told Reuters that it will fund the investment through a combination of internal accruals and funds raised from existing and new investors as it expands into ultra luxury residential living, industrial and logistics, hospitality, and mixed-use sectors.

The Bengaluru-based company will invest 60% of the capital on expanding office and mixed-use properties, it said.

Mixed-use buildings typically combine different types of real estate spaces like residential and commercial projects.

Analysts believe the Indian real estate sector has hit a "purple patch" after the pandemic. Higher incomes and a shift towards luxury offerings has aided apartment builders to book higher profits, while workers returning to office have helped buoy optimism for commercial real estate firms. 

RMZ already counts Canada Pension Plan Investment Board (CPPIB) and Japan's Mitsui Fudosan among its investors. The company is in talks with two more global investors, said Arshdeep Sethi, president of the real estate business, who did not disclose additional details.

RMZ, owned by brothers Raj and Manoj Menda and their family, competes with office developers such as Prestige Estates Projects, DLF and REITs like Brookfield India Real Estate Trust and Embassy Office Parks.

RMZ said it has appointed a slew of chief executives to lead the expansion.

Earlier this year, the company pushed back its 2021 global expansion plans due to heightened inflation following Russia's invasion of Ukraine.

It is now earmarking one-fifth of the investment to develop and acquire premium real estate in London and New York, it said.