Key Transaction Details
- Signed a non-binding Memorandum of Understanding (MoU) with Government of Uttar Pradesh under the Invest UP framework
- Proposed large-scale commercial development in Lucknow, Uttar Pradesh
- Indicative investment of approximately ₹1,500 crore
- Proposed development of approximately 2.5 to 3.0 million square feet of commercial real estate
- Focus on premium office-led commercial development
- Marks Embassy Developments' proposed entry into Uttar Pradesh's commercial real estate market
Signing Event Details
- MoU signed on June 24, 2026 in Bengaluru
- Signed in presence of:
- Shri Yogi Adityanath, Honourable Chief Minister of Uttar Pradesh
- Shri Suresh Kumar Khanna, Honourable Minister of Finance and Parliamentary Affairs, Government of Uttar Pradesh
- Shri Deepak Kumar, Infrastructure & Industrial Development Commissioner, Government of Uttar Pradesh
- Shailendra Konanur Subbaraya, COO – South, Embassy Developments Limited
- Amit Shetty, CEO, Embassy REIT
Management Commentary
Jitendra Virwani, Chairman, Embassy Group stated: "Uttar Pradesh is at an important inflection point. With its scale, infrastructure momentum, improving business environment and focused policy push to attract enterprise and GCCs, the state is emerging as one of India's most compelling growth frontiers. Lucknow, in particular, has the potential to develop into a strong commercial hub for the next phase of India's office-led growth. At Embassy, we have always believed that high-quality commercial real estate is a catalyst for economic development, investment attraction and large-scale job creation. Through this proposed development, we aim to bring our experience in building institutional-grade business ecosystems to Uttar Pradesh and support the state's vision of creating world-class infrastructure for businesses, talent and communities."
Company Background
Embassy Developments Limited (EDL) is one of India's largest listed real estate developers specializing in residential and commercial projects across key urban markets including Bengaluru, Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Chennai and Indore. The company has a diversified residential portfolio across mid-income, premium, and luxury segments including branded residences, uber-luxury apartments and villas, town homes, condominiums, integrated townships, senior living communities, and contemporary homes. The company holds a long-term debt rating of IVR A- (Stable) from Infomerics and benefits from the Embassy Group's over three decades of experience delivering and managing more than 100 million sq. ft. across various sectors.
Financial Impact
The proposed investment is approximately ₹1,500 crore, though the MoU is non-binding and the financial impact is subject to final agreements and project execution.
Disclaimer Notes
The press release contains forward-looking statements subject to risks and uncertainties including economic and political conditions, interest rate volatility, new regulations, government policies, and management's ability to implement strategy. The information is current as of June 24, 2026 and the company is under no obligation to update forward-looking statements.