Hi Lovneesh Chanana,
Exercises are effective only when done in right way.When you stand you are loading your knees with your body weight which is quit high in your case. Under such condition when you walk you tend to burn more calories compare to other as you have to carry you body weight on the other hand your knee is getting more stress due to more ground reaction force.Remember as you increase your speed ground reaction force also increases, leading to repetitive stress injuries which may lead to degenerative diseases.
I will suggest you to follow a well planed exercise regime customized according to your condition.Aquatic exercises can help you a lot to reduce your weight without hurting your joints. Buoyancy of water will avoid loading of joint.
Also you can go for Open Kinematic Chain Exercises like static bicycle,arm ergometery etc.Along with exercises diet also plays a major role in loosing weight.
So, see to it you have a proper exercise and diet plan to achieve your goal.