New Delhi [India], June 24 (ANI): 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)