Embassy Developments Limited has signed a non-binding Memorandum of Understanding (MoU) with the Government of Uttar Pradesh for a proposed commercial real estate development in Lucknow. The indicative proposal, signed under the Invest UP framework, envisages an investment of approximately ₹1,500 crore to develop 2.5 to 3.0 million square feet of premium office-led commercial space. This agreement marks the company's proposed entry into the commercial real estate market of Uttar Pradesh.

The MoU was signed on June 24, 2026, in Bengaluru. The ceremony was attended by key state officials, including Shri Yogi Adityanath, Honourable Chief Minister of Uttar Pradesh, and Shri Suresh Kumar Khanna, Honourable Minister of Finance and Parliamentary Affairs. Shri Deepak Kumar, Infrastructure & Industrial Development Commissioner, was also present. Senior executives from the company, including Shailendra Konanur Subbaraya, COO – South, and Amit Shetty, CEO of Embassy REIT, were also in attendance.

Jitendra Virwani, Chairman of Embassy Group, highlighted the strategic importance of the project. He stated that Uttar Pradesh is emerging as a compelling growth frontier due to its infrastructure momentum and policy focus. Virwani noted that Lucknow has the potential to become a strong commercial hub, and the company aims to bring its experience in building institutional-grade business ecosystems to the state.

Project Details

The proposed development is subject to definitive agreements and necessary approvals. The key parameters of the indicative proposal are outlined below:

Embassy Developments Limited is a listed real estate developer specialising in residential and commercial projects across key urban markets such as Bengaluru, the Mumbai Metropolitan Region, and the National Capital Region.

Embassy Developments Limited faces a legal setback after the Division Bench of the Karnataka High Court set aside an earlier order favorable to its subsidiary, Embassy East Business Park Limited (EEBPL). The court pronounced its order on June 15, 2026, overturning a May 12, 2026 ruling by a vacation bench that had quashed a land resumption notice issued by the Karnataka Industrial Areas Development Board (KIADB). The dispute involves approximately 78 acres of land situated at the Kadugodi Industrial Area in the Bengaluru Urban District, which is held by EEBPL.

The Division Bench clarified that it has not expressed any opinion on the merits of the underlying dispute or on the appellant's locus standi. Consequently, all issues, including the validity of the KIADB resumption order dated March 16, 2026, remain open and shall be considered on merits by the regular roster of the High Court. The court directed that the undertaking furnished by KIADB before the Learned Single Judge, ensuring no coercive action is taken, shall remain in force.

Embassy Developments and EEBPL continue to maintain that the resumption order dated March 16, 2026 is liable to be set aside on merits. The company stated that the formal signed copy of the June 15 order is awaited. Upon receipt, the entities will evaluate the order and pursue appropriate legal remedies to defend their position and protect their interests in the ongoing proceedings.

The company clarified that pursuant to the present order, the matter stands restored for fresh consideration on merits before the regular bench. No final adjudication has been made on the validity of the resumption order itself. Embassy Developments and EEBPL remain confident of their position and shall continue to take steps necessary to safeguard their rights.

The disclosure was made to the BSE Limited and the National Stock Exchange of India Limited in compliance with Regulation 30 of the SEBI LODR Regulations. The information was certified by Vikas Khandelwal, Company Secretary of Embassy Developments Limited.