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. W...