@Sushanth Apologies for delay in response to your query. Appreciate your patience in this matter.
As you already know that, replication is not supported over private peering by Azure site recovery. FAQ - https://video2.skills-academy.com/en-us/azure/site-recovery/site-recovery-faq#can-i-use-expressroute-to-replicate-virtual-machines-to-azure
As a suggested alternative, Private Endpoint is the way to go. For further details, see the URL - https://video2.skills-academy.com/en-us/azure/site-recovery/azure-to-azure-how-to-enable-replication-private-endpoints
Hope this answers your question!
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