Embassy Developments Signs MoU with UP Government for ₹1,500-Crore Commercial Project in Lucknow.

Embassy Developments Limited has signed a non-binding Memorandum of Understanding (MoU) with the Government of Uttar Pradesh under the Invest UP framework to explore a large-scale commercial real estate development in Lucknow, marking the company's proposed entry into the state's office market.

The proposed project envisages the development of approximately 2.5 million to 3 million sq ft of commercial real estate, with an estimated investment of around ₹1,500 crore.

The MoU was signed in Bengaluru in the presence of Uttar Pradesh Chief Minister Yogi Adityanath, Finance and Parliamentary Affairs Minister Suresh Kumar Khanna, Infrastructure and Industrial Development Commissioner Deepak Kumar, Embassy Developments COO (South) Shailendra Konanur Subbaraya, and Embassy REIT CEO Amit Shetty.

Commenting on the development, Jitendra Virwani, Chairman of Embassy Group, said Uttar Pradesh is emerging as a key growth market driven by infrastructure development, an improving business environment and policy initiatives aimed at attracting enterprises and global capability centres (GCCs).

"Lucknow, in particular, has the potential to evolve into a strong commercial hub for the next phase of India's office-led growth," Virwani said. He added that high-quality commercial real estate plays a critical role in driving economic development, attracting investments and generating employment.

Through the proposed development, Embassy aims to leverage its experience in creating institutional-grade business ecosystems and contribute to Uttar Pradesh's vision of developing world-class infrastructure for businesses, talent and communities.

The proposed project is expected to strengthen Lucknow's position as an emerging commercial destination while expanding Embassy Developments' footprint beyond its established markets.