Embassy Developments signs MoU with UP Govt for Rs 1,500 crore Lucknow project

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AI summary

Embassy Developments signed a non-binding MoU with the Government of Uttar Pradesh under the Invest UP framework for a proposed Rs 1,500 crore commercial real estate project in Lucknow. The project envisages 2.5 to 3.0 million sq ft of premium office-led development. The MoU was signed in Bengaluru in the presence of UP CM Yogi Adityanath. This marks Embassy Developments' proposed entry into Uttar Pradesh's commercial real estate market.

Likely market impact

Marks company's entry into UP commercial market; sizeable project addition but MoU is non-binding at this stage.