Embassy Developments Signs MoU with Government of Uttar Pradesh for Proposed ~₹1,500 Crore Commercial Real Estate Development in Lucknow
Embassy Developments Limited has signed a non-binding Memorandum of Understanding (MoU) with the Government of Uttar Pradesh. The agreement pertains to a proposed large-scale commercial real estate development in Lucknow under the Invest UP framework, involving an investment estimated at approximately ₹1,500 crore.The indicative proposal detailed in the MoU covers the development of roughly 2.5 to 3.0 million square feet of premium office-led commercial property.
The signing ceremony took place in Bengaluru and included senior figures from both parties. Present were Shri Yogi Adityanath, Honourable Chief Minister of Uttar Pradesh; Shri Suresh Kumar Khanna, Honourable Minister of Finance and Parliamentary Affairs for the Government of Uttar Pradesh; Shri Deepak Kumar, Infrastructure & Industrial Development Commissioner for the Government of Uttar Pradesh; Shailendra Konanur Subbaraya, COO - South of Embassy Developments Limited; and Amit Shetty, CEO of Embassy REIT. This partnership marks a significant step as Embassy Developments enters the commercial real estate market in Uttar Pradesh.
Jitendra Virwani, Chairman of the Embassy Group, stated that Uttar Pradesh is at an important inflection point. He noted that the state's infrastructure momentum, improved business environment, and focused policy push position it as one of India’s most compelling growth frontiers. Virwani added that Lucknow has the potential to become a strong commercial hub for the next phase of office-led growth in India.
"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 commented. "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 Limited, which specializes in residential and commercial projects across key urban markets such as Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), operates through the backing of the Embassy Group. The company has a diversified portfolio spanning mid-income, premium, and luxury segments.
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Today, Embassy Developments Limited shares gained 1.91% in post-market trading, closing at ₹61.71. The stock traded within a strong intraday range of ₹59.80 and ₹62.89.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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