Embassy Developments Limited has signed a non-binding Memorandum of Understanding (MoU) with the Government of Uttar Pradesh for a premium commercial development in Lucknow, marking the company's entry into the state's office real estate market. The indicative proposal under the Invest UP framework envisages 2.5 to 3.0 million square feet of office-led commercial space with an investment of approximately ₹1,500 crore, the company announced in a press release.
MoU Signed in Bengaluru
The MoU was signed in Bengaluru in the presence of Uttar Pradesh Chief Minister Yogi Adityanath and senior state officials. The signing ceremony was attended by Suresh Kumar Khanna, Minister of Finance and Parliamentary Affairs, Government of Uttar Pradesh; Deepak Kumar, Infrastructure and Industrial Development Commissioner, Government of Uttar Pradesh; Shailendra Konanur Subbaraya, COO - South, Embassy Developments Limited; and Amit Shetty, CEO, Embassy REIT.
Strategic Expansion into Growth Markets
The company stated that the project is part of its strategy to expand into new growth markets. Jitendra Virwani, Chairman of Embassy Group, said, "Uttar Pradesh is at an important inflexion 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." He added that Lucknow 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," Virwani said.
Project Details and Impact
The proposed development aims to bring Embassy's 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. The indicative proposal covers premium office-led commercial development and is expected to generate large-scale employment while attracting enterprises and global capability centres (GCCs) to Lucknow.
Invest UP Framework
The Invest UP framework is Uttar Pradesh's investment promotion mechanism, and the MoU represents an important step in Embassy Developments' proposed entry into the state's commercial real estate market. The company's shares closed nearly 2% higher at ₹61.45 on the National Stock Exchange on Wednesday.
