Lucknow/Bengaluru: In a significant boost to Uttar Pradesh’s growing commercial real estate sector, Embassy Developments Limited has signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh under the Invest UP framework to explore the development of a large-scale commercial real estate project in Lucknow.
The proposed investment, estimated at around ₹1,500 crore, envisages the development of approximately 2.5 to 3 million square feet of premium office-led commercial space. The project is expected to strengthen Lucknow’s position as an emerging business destination and support the state’s efforts to attract investments, global capability centres (GCCs), and corporate occupiers.
The non-binding 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.
The proposed development marks Embassy Developments’ planned entry into Uttar Pradesh’s commercial real estate market, reflecting growing investor confidence in the state’s economic potential and infrastructure ecosystem.
Speaking on the occasion, Embassy Group Chairman Jitendra Virwani said Uttar Pradesh is at a crucial stage of economic transformation, driven by infrastructure expansion, an improving business environment, and policy initiatives aimed at attracting enterprises and GCCs.
“Lucknow has the potential to emerge as a major commercial hub in the next phase of India’s office-led growth story. High-quality commercial real estate serves as a catalyst for investment, employment generation, and economic development,” Virwani said.
He added that Embassy intends to leverage its experience in creating institutional-grade business ecosystems to support Uttar Pradesh’s vision of building world-class infrastructure for businesses, talent, and communities.
The announcement aligns with the Uttar Pradesh government’s broader strategy of positioning the state as a preferred destination for domestic and international investment. The proposed commercial development is expected to generate employment opportunities during both the construction and operational phases while contributing to the expansion of modern office infrastructure in the state capital.
Formerly known as Equinox India Developments Limited, Embassy Developments is among India’s leading listed real estate developers with a portfolio spanning residential and commercial projects across major urban centres including Bengaluru, the Mumbai Metropolitan Region, the National Capital Region, Chennai, and Indore. Backed by the Embassy Group, the company benefits from more than three decades of experience in developing and managing over 100 million square feet across commercial, residential, hospitality, services, and education sectors.
While the MoU remains non-binding and subject to future approvals and agreements, it represents a major step toward bringing large-scale institutional commercial real estate development to Lucknow and further strengthening Uttar Pradesh’s investment landscape.
