Embassy Developments to enter UP with 1,500 crore Lucknow office project under Invest UP
New Delhi, June 24
Embassy Developments Limited has signed a non-binding Memorandum of Understanding with the Government of Uttar Pradesh for a proposed 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 about 1,500 crore rupees, the company said in a press release. The MoU was signed in Bengaluru in the presence of Uttar Pradesh Chief Minister Yogi Adityanath and senior state officials.
The company said the project is part of its strategy to expand into new growth markets. "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," said Jitendra Virwani, Chairman, Embassy Group.
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.
The MoU signing 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. Embassy Developments said the proposed development aims to bring its 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 to Lucknow.
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.
Shares of Embassy Developments closed nearly 2 per cent higher at Rs 61.45 on the National Stock Exchange on Wednesday.
— ANI
Reader Comments
Finally some good news for UP's real estate sector. But I hope they focus on proper urban planning and green spaces. Lucknow's heritage character should be preserved while developing modern office spaces. Also hope local contractors and workers get priority in employment.
Interesting to see Embassy expanding beyond Bengaluru and Mumbai. Lucknow has a good talent pool with all the universities and colleges around. If they can create a proper commercial ecosystem, it could attract many GCCs and IT firms. Let's see how this develops.
Read this news. While I appreciate the investment, I hope the government ensures that this land is not given away at throwaway prices to developers. Need transparency in land allotment and fair compensation for farmers if agricultural land is being converted. Development should not come at cost of common man.
As someone from Lucknow, this is really exciting! Our city has always been known for its culture and food, but now we need modern office spaces too. With the upcoming expressways and airport expansion, Lucknow is becoming a real business destination. Great to see Embassy betting on us! 🇮🇳
Good development but I have some concerns. We saw how many similar MoUs signed during past governments never materialized. Let's see if this actually gets implemented. Also, 2.5-3 million sq ft is huge - hope they don't create a real estate bubble like what happened in Noida and Greater Noida. Need proper demand assessment.
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