Embassy Developments Signs MoU With Government of Uttar Pradesh for Proposed Rs 1,500 Crore Commercial Real Estate Development in Lucknow
Bengaluru, June 24, 2026: Embassy Developments Limited on Wednesday announced the signing of a non-binding Memorandum of Understanding (MoU) with the Government of Uttar Pradesh under the Invest UP framework for a proposed large-scale commercial development in Lucknow, Uttar Pradesh. The indicative proposal envisages the development of approximately 2.5 to 3.0 million square feet of premium office-led commercial real estate, with an estimated investment of around Rs 1,500 crore, Embassy Developments said in a press release.
The MoU was signed today in Bengaluru in the presence of Yogi Adityanath, Chief Minister of Uttar Pradesh; Suresh Kumar Khanna, Minister of Finance and Parliamentary Affairs, Government of Uttar Pradesh; Deepak Kumar, Infrastructure & Industrial Development Commissioner, Government of Uttar Pradesh; Shailendra Konanur Subbaraya, COO – South, Embassy Developments Limited; and Amit Shetty, CEO, Embassy REIT. This marks an important step in Embassy Developments’ proposed entry into Uttar Pradesh’s commercial real estate market.
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.”
