The proposed project, to be undertaken 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. The company clarified that the MoU is non-binding and forms part of Uttar Pradesh's investment promotion initiative.

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.”

Embassy Developments is a real estate developer of residential, commercial, and SEZ projects. The company reported a consolidated net loss of Rs 327.79 crore in Q4 FY26 as against a net profit of Rs 155.55 crore in Q4 FY25. Revenue from operations declined 61.5% year on year to Rs 342.46 crore in Q4 FY26.