Embassy Developments Signs MoU with Government of Uttar Pradesh for Proposed ~₹1,500 crore Commercial Real Estate Development in Lucknow

Embassy Developments Limited (NSE: EMBDL / BSE: 532832) today 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 ~2.5 to ~3.0 million square feet of commercial real estate, with an investment of ~₹1,500 crore.

The MoU was signed today in Bengaluru in the presence of Shri Yogi Adityanath, Honourable Chief Minister of Uttar Pradesh; Shri Suresh Kumar Khanna, Honourable Minister of Finance and Parliamentary Affairs, Government of Uttar Pradesh; Shri Deepak Kumar, Infrastructure & Industrial Development Commissioner, Government of Uttar Pradesh; Shailendra Konanur Subbaraya, COO - South, Embassy Developments Limited; and Amit Shetty, CEO, Embassy REIT, marking 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."

Shares of Indiabulls Real Estate Limited was last trading in BSE at Rs. 61.67 as compared to the previous close of Rs. 60.30. The total number of shares traded during the day was 184702 in over 1037 trades.

The stock hit an intraday high of Rs. 62.80 and intraday low of 59.75. The net turnover during the day was Rs. 11283552.00.

Source : Equity Bulls

Keywords

EmbassyDevelopments INE069I01010 Realty MoU GovernmentofUttarPradesh