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Embassy Developments Signs MoU for ₹1,500 Crore Project in UP

NEW DELHI: Embassy Developments has finalized a non-binding memorandum of understanding (MoU) with the Uttar Pradesh government for a proposed commercial real estate project in Lucknow. The preliminary proposal, signed under the Invest UP initiative, plans for the development of approximately 2.5-3 million sq ft of office-centric commercial real estate, with an estimated investment of around ₹1,500 crore. This development will signify Embassy Developments’ entry into the commercial real estate sector within the state. “Lucknow has the potential to transform into a robust commercial hub for the next phase of India’s office-led growth,” stated Jitendra Virwani, chairman of Embassy Group.…

ICICI Pru Alternatives Acquires RMZ Office Assets for ₹2,600 Cr

MUMBAI: ICICI Prudential Alternatives has purchased two Grade A office properties from the RMZ Group in Bengaluru and Pune for approximately ₹2,600 crore, thereby enhancing its portfolio in income-generating commercial real estate. The acquisition was made through the ICICI Prudential Office Yield Optimiser Fund, a ₹2,500 crore initiative targeting completed and pre-leased office spaces in major Indian markets. The Bengaluru property, EcoWorld 21, is situated on the Outer Ring Road, the largest office micro-market in the country and a center for global capability centers (GCCs). This facility encompasses around 675,000 sq ft, leased to a variety of multinational companies with…

Concorde Invests ₹125 Crore to Develop Mayfair Commercial Block

NEW DELHI: Concorde, based in Bengaluru, has made a ₹125 crore investment to establish a commercial block at Concorde Mayfair, an integrated development positioned on Bellary Road in Yelahanka. Covering a super built-up area of about 2.51 lakh sq ft, this commercial block is projected to generate annual revenues of approximately ₹30 crore from operations. The structure features retail space on the ground and first floors, while the second to tenth floors will be occupied by office spaces. Additionally, there are dedicated parking facilities in two basements. The company unveiled Concorde Mayfair in June 2024, which spans 3.35 acres and…