The proposed project, signed under the Invest UP framework, envisages the development of approximately 2.5 million to 3 million square feet of commercial real estate in the state capital.
Embassy Developments added that the MoU is non-binding and has been executed with the Government of Uttar Pradesh under the state’s investment promotion framework.
ALSO READ | Embassy Developments gets MahaRERA nod for Alibaug project; estimated GDV at ₹400 crore
Jitendra Virwani, Chairman, Embassy Group, said, “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.”
ALSO READ | Embassy Developments retains 78-acre Kadugodi land possession after Karnataka HC ruling
Last month, Aditya Virwani, MD of Embassy Developments, said that the company expects financial year 2026-27 (FY27) pre-sales to rise to ₹6,000 crore, supported by a ₹19,000 crore-plus launch pipeline and continued demand across Mumbai and Bengaluru housing markets.
Virwani said the company plans to launch projects worth more than ₹19,400 crore in gross development value during FY27 after reporting ₹4,631 crore in pre-sales in 2025-26 (FY26), a 128% increase over the previous year.
Virwani said Embassy Citadel, the company’s large Mumbai residential project, has received a strong response since its launch in February and remains central to the company’s expansion plans in the city. While regulatory filings show a completion timeline extending to 2035, he said the company internally targets completion by FY31-FY32.
ALSO READ | Embassy Developments expects ₹1,500 crore pre-sales in quarter three despite NCLT proceedings
“We feel very confident about doing that,” he said, adding that some revenue recognition linked to the project would happen closer to the occupancy certificate stage under accounting rules.
The company also said collections are expected to accelerate as recently launched projects move deeper into the construction cycle. Virwani explained that many FY26 launches only recently broke ground, resulting in slower collection growth compared with pre-sales. “This will catch on,” he said.
Shares of Embassy Developments Ltd ended at ₹61.67, up by ₹1.37, or 2.27%, on the BSE.
